Hi everyone, I'm not exactly sure where to put this thread... so I thought I would start here first. At our Traders Retreat last month, one of our traders (and CFA) gave a tremendous presentation about significant current issues affecting all traders. Sub-Pennying Flash Trading Financial Transaction Tax etc. He has set up a (totally non profit) website to help raise awareness on these issues (and more). I would like to ask that all of you take a few minutes to go there now, and from time to time to check on how you might be able to help "Defend Trading." Please go to: www.defendtrading.com (We're not selling anything, there are no fees or costs or anything) Thanks...comments welcome...either here or on the website. Don
Ceteris paribus, I believe that "sub-pennying" provides for smaller bid-ask spreads and therefore more efficient financial markets. Do you disagree Don?
Sure, if everyone could enter orders in sub pennies. But when we have a two tiered system that discriminates against the public and we liquidity providers, just not fair. I had no problem going from quarters to eighths to sixteenths and even to pennies, a level playing field is what we're advocating. Don
I applaud your effort Don but this has been going on for along time and nada from you..Talk to your boys at Goldie-the vampire squid..I cant believe you even use those guys anymore..Finally its clipping your pocket book and you want help.. Please!!!
A penny for your thoughts - pay a graphic designer to redo that site. I don't think it will gain too many friends or reoccurring visitors when its that hideous.
Sub-pennying is extremely frustrating/annoying to witness, especially in stocks like C as the author mentions.
LOL, Yeah I'm going to send out for some ideas and suggested web designs over the next few weeks. About time to clean it up a bit. I don't want "flashy" - as I am told that turns off potential business associates, but I think I have a way to go before becoming too "flashy." Don
We've been aware for some time now too. For many, they've used it their advantage (liquid stocks), but it has become too prevalent overall. Still overall, a small impact, but could get worse. We had hopes (yeah, hopes) that the Regulators were going to be more swift in their legislation, but now that they are now treating the various "irritations" separately (they should be treated in one fell swoop)...time to be a bit more vocal. All the best, Don
Don You have forgotten more about trading then most people on ET know, but I thought someone with your experience and connections would have figured out that all these large firms have the SEC in their pockets and dictate policy, not the other way around. This is no different and perhaps nowhere near as problematic as the "phantom" shorts issue which has been going on for years in direct violation of SEC law, and though they are fully aware of it, continue to ignore it. I think the chances of moving the SEC to action on either issue are about as good as stopping a runaway train with kite string.
Keep in mind, what I publish in public, and how I (we) feel, might be a bit different, LOL. I'm in process of writing a column that will explain to many how before 1990 and the "SOES" system (bandits and busters alike), there was little, if any, competition in the "liquidity providing" arena. All the major firms controlled everything. Sure, we, as MM's on the options and futures floors had an impact in the 1970's and 1980's with derivatives, but not so much in the equities arena. Treading softly while still making our presence known... at this point. All the best, Don