Holder should have cleaned up all of those penny stock bucket shops and stock promoters while he was down there in Palm Beach last week. Hope the chump froze his ass off down there. News Flash to you Eric Holder lovers, one of his best (Eric Bustillo) jumped ship for the SEC last week. Woe unto all of you penny stock pumping pigs in S. Florida. Party time's over, kids. It's over, O-V-E-R, over.
I think it's a great rule (not). let's make it for futures and forex trading too. isn't that what we call a fair level playing field!
You may very well be right about waiting too long, but I was pretty sure that the "tax" would just go away, and it did take a while for the HFT to actually make our radar. As I just explained to the WSJ today, "If you the think Main Street hates Wall Street now, wait until all the trading is done by a handful of brokerages and banks." I'm not an alarmist by nature, and hopefully a continual nudge by people like you and others who understand the industry will help in the long run. Don
yeah, obv, transaction tax more important than all other things, but the sub-pennying is an unfair playing field. anyhow, don, thanks for doing the right thing...
Like I said... We are providing a service to the market. 82 rountrips in Citi so far and i still have 3 hours to go with a net of .007 (not including rebates). And this is AFTER Prince 'I-Owna Lotta Crapa" d-Weed comes out and says that the worst is behind this company. Without us hi-freq guys providing liquidity, way back 12 months ago...this thing would have opened at 4.50, traded to 5.25 (where mom and pop would have bought it on e-trade), and then sold off to about $4 at the close. Volatility at an 18 month low...and market slowly going up with bid support. I would rather have you say thank you... than to complain about what you think i'm entitled to! (my best Jack Nicholson. lol)
Hi guys, thanks for the input, both positive and negative. I'm not against any particular type of trading, I just get a bit protective of my traders when they all pay the same Exchange fees, license fees etc. as everyone else...and then are told they cannot do something. We have resolved issues similar to these over the years by "barking" to GS a little bit, and are hoping to see something similar going forward. Regarding Dennis, he is a consistently profitable trader, and has done very well for years. I think if you met and spoke with him, you would appreciate his efforts. Don
Thanks, Don, for bringing this up! These issues deserve a lot more light than they've gotten. As I said before, the impact of flash orders, while bad, pales in comparison to this. I think that the word that should be emphasized here is "internalization". That this practice threatens independent traders is obvious; but it's also a monumental threat to efficient markets in the US, in general. Internalization is essentially a hidden fee on the ultimate end-clients of internalizing B/D's. (These "end-clients" also include the tens of millions of 401K'ers in mutual funds, by the way.) If the current trend continues ad nauseam (which hopefully it won't), then we'll hit a point at which all client orders are internalized by the client's B/D, with the large B/D's trading on exclusive, private dark pools to balance out their positions. Result? No NBBO at all, which makes internalization even more attractive. What's the "best price" on something when there is no price? Anything at all. So the B/D would be able to give any price whatsoever to the client and still declare it "price improvement".