yes. have no doubt's about it.He can count on me... i'm very active successful daytrader for a decade or so. my primary brokerage is IB. i'm considering to stop all my day trading all together, if there is no changes. it is impossible to get into a winning trade in medium\low volume stocks. period. IMPOSSIBLE. tens of trades trough my open,visible limit NBBO orders..EVERY SINGLE DAY ..when i call to IB and ask wtf is going on and how and why those executions are posted(some of them 2-3-5% below\above NBBO at this time,during regular trading session) the respond is always same-exemption from rule 611. HEY SEC! why do we need a fucking rules, if there is a PAGES OF FUCKING EXEMPTIONS from it? i tried to read this shit about rule 611..i'm sorry..you know, the english is not my native language..but..i can't understand none of this shit..not even one sentence! who wrote this? can't the y do this in PLAIN FUCKING ENGLISH? here, you can try it yourself. come back after that and explain,how one can trade 3% below my bid(which is NBBO at that time), during the regular market hours. not only they trade trough, they fucked up the data that many of us using for backtesting..whatever you can say about conspiracy, but i believe all this done purposely.zero transparency in US markets today.. ZERO. just plain BS,BS and more BS..useless rules and regulations,followed by exemptions, ridiculous number of market centers..every fucking city in US have their own stock exchange..every single one..and they all trade same stocks..why? i don't fucking get it..then why NYSE and nasdaq even exists? why those two exchanges are not interested to have as many executions as possible at their exchanges? i just don't fucking get it.. http://www.sec.gov/rules/proposed/34-50870.htm#P222_67067 http://www.sec.gov/divisions/marketreg/rule611faq.pdf explain it to me, i'm all ears.. Thank you!
here is a perfect example,how wall st works for retail guy.. simple question about halt page on nasdaqtrader.com- Sent: Sunday, December 05, 2010 10:16 PM To: DL - Trading Services Subject: Trading Halt RSS feed Hello! I would appreciate,if someone can explain to me why free trading halt RSS feed not available for general public? Why same sign up form can't be used for retail traders\investors? Thank you! ------------------answer-> Samuel Huntley At this time, we are only offering the RSS Feed to Member Firms. You can however, sign up for free email alerts that have the trade halt information at this link: https://www.nasdaqtrader.com/EASP/TraderEASP.aspx?id=NewsSignup Regards --------------- how you like this kind of answer? BEYOND RETARDED...
Makes zero sense that the halt page , free as a standard web page, is not available as an rss feed. Someone should have their ass kicked on that one
the answer from nasdaq rep make even less sense..make me feel like i'm talking to the fucking wall..the problem\difference is that you can't scrub the data from this "regular" page anymore and use it in your own application. only "members firms",who have access to rss can do that..the question is -why? why this access to the very basic, common info,which is use to be free for everyone without any limits is now restricted to limited circle of "members"? democracy\freedom and transparency my fucking hairy ass..
Narang is obviously a really bright guy, but I don't know if saying that the SEC lacks basic knowledge of what is going on in HFT and that he can't explain to them dumb committee members why banning naked access should create some little tricky issues is really serving his cause. He made a nice summary of what should be changed( ISO, rebates ) and acknowledged that some ( predatory ) HFTs add no real value to the markets though. Peterffy is awesome. It was like Danko from "Red Hit" speaking.
these brokerages offer a commodity selling the same thing access to markets. it was the brokers who created the stock markets..remember that. the brokerage business is really a small community of firms.. now the stock market are owned by a few maybe 5 banks and investment bankers before you had like hundreds of brokers so power was in few hands and all the members of the stock exchange agreed to certain rules of the market so it's fair market and clients want to particpate...that was in the days when brokerage firms made their money on commisions. or could make a living on commision alone. now broker/dealers like interative brokers goldman sachs are public companies and to grow profits,,the only way is prop trading or becoming a participant in the market. ie the bond market was suppose to be regulated market but dealers were selling worthless bonds like the crooks in pinksheets and otbcc stocks...etc. if traders and investors can't trust the market or not getting fair deal they just leave and abandon the market,. fair market price. why do you think inside information is 'illegal'. fair market place.. in las vegas if the casino sees you counting cards they kick you out of the casino the stock market activity has rules like any game or you'll cheaters.
simple rules ,,if you put a bid it cannot be cancelled or get cancellation fee and you need cash to put bids or offers.. right now these HFT machines have no rules. these large traders or entitiie can move market cause they can borrow money at 0% overnight ...and access to huge amounts of capital. the thinner the market that easier it's to manipulate the market.
http://www.youtube.com/watch?v=14bjUtntk4Q&feature=related 0:35 -i need cooperation. Peterffey should use that quote
they all talk their book. as expected. narang, obviously an intelligent man, is still a spokesmouth for hft, after all is said and done.