ok, moron defenders of all things hft, suck on this knob for a while and get back to me. I could and did tell you all kinds of strange crap was going on YEARS ago , and all I had was the tape as proof. Takes the rest of yuz a while to catch on. http://online.wsj.com/article/SB100...85002267286386.html?mod=WSJ_hps_LEFTWhatsNews Thread topped 10,000 views in a week? damn, must be few of ya tired of being buttfugged.
NoFear, There is nothing inherently wrong with lowering the minimum price move, but it has to be transparent to everyone and the lowest offer and highest bid have to be visible to everyone at the same time. I even advocate to make each and every single order in the market visible to all parties. If someone wants to move size let them do so, but with algos on their own end.
Bob111, are you serious? You mean to say that if you're lifting offers using IB you can't get filled?? I find that hard to believe. Trying to buy on the bid, you may see some of what you are talking about.
I disagree with this part of your comment (agree with the rest I did not quote). Any trader that does not have access to putting in subpenny orders is hurt by this . The retail trader does not get a better fill. In actuality the retail trader does not get filled on his liquidity adding orders and is forced to go market , losing a few pennies in most cases. That is the reality. This market needs liquidity. Not subpennying.
You used to be able to sub penny on Nasdaq and they got rid of it FAST as it was hurting the hft scum, who pay Nasdaq to rig the game in their favor.
From what you said, you and I don't have an argument. This is a market structure issue that needs to be rectified. I agree, everyone should be able to enter orders at the same increments. Problem solved.
Reread the quote, you and I agree. Traders, large and small are hurt by Sub-Pennying. And actually, I'll back-up a bit and say that anyone using limit orders to try to get filled on the bid (for purchases) and the offer (for sales) will get hurt as well.
But theres nothing wrong with the smallest increment being pennies. What benefit does subpenny for everyone have over subpenny for no one? Like you said, earlier, last thing we need is more market fragmentation. Maybe you have thought of a reason that I have not. As far as being transparent and on equal footing with everyone, we are 100% on the same page .
I did read it. I dont see how small investors are benefiting from darkpools . Maybe you can clarify. If you dont have access to being able to subpenny, you are being hurt by it. No matter who you are, because you are forced into taking away liquidity. Unless you meant they are investing in the companies that are raping the market.