RETAIL REPORT: Cboe Submits Retail Priority Filing Traders Magazine Online News, March 21, 2019 John D'Antona Jr. Score one for John Q Public. In a bid to provide greater transparency into the equities market for individual investors and hopefully grab some of their orders, the Cboe has submitted a rule filing related to retail priority. In a filing to the Securities and Exchange Commission, Bryan Harkins, shared with Traders Magazine the filing and told editor John D’Antona Jr. that the proposal will serve to benefit millions of individual investors by introducing enhanced order book priority for their orders. “Today, approximately 43 million U.S. households hold a retirement or brokerage account and these individual investors rely on our nation’s equities markets to fund important life goals. It is therefore critical that our U.S. equities markets continue to evolve to serve this vital need of the investing public,” Harkins said. “Our proposal would provide execution priority to retail limit orders on the Cboe EDGX Exchange (EDGX), meaning that the priority for orders on EDGX would be price/display/retail/time.” This change is designed to encourage markets that benefit individual investors, while facilitating order interaction and price discovery, consistent with the SEC’s goals of facilitating the long-term interest of individual investors, he added. Retail priority is expected to benefit retail as follows: - Provide superior execution quality to retail investors by increasing both the likelihood and speed with which retail investors’ non-marketable orders are executed; - Encourage retail brokers, and/or those handling retail-attested orders, to route additional non-marketable retail order flow to EDGX, which may broaden execution opportunities for other market participants; - Diversify the order flow market participants can interact with on EDGX, increasing order participation and contributing to more robust price formation. “One of our top priorities at Cboe is bringing forth new ideas that add value to this ever-evolving market, like this retail priority proposal, and to help define markets that will serve all investors,” Harkins said. Please view the entire filing here
I am seriously not of that ilk. I have NO idea what they are on about. When I place my limit order, I get filled pretty damned quick. Like, within 1 second when touched. What the frak are they all on about? Is this for people who move 10,000 contracts per day with futures, or millions of shares in stock? What...The FRAK, is the deal here? What the hell is going on that this is even needed?
Many options markets are quite wide. When a customer places a better bid/offer quite often they are joined by many different market makers. With customer priority, they will be filled before these other joining market makers. The problem is there are many different options exchanges. When the customer's order is joined by market makers on other exchanges, they will not have priority if the trade takes place on an other exchange, so I don't think this rule change has much meaning overall. Where customer priority is huge is in single listed options such as the SPX and VIX. This gives a huge advantage to customers, both in wider markets and especially in tight deep markets like in the VIX. Currently there is customer priority in the weekly SPX, VIX, but not the monthly SPX (am settle). On a side note, I have noticed the EDGX exchange his been very aggressive in fills, especially in spreads. I generally route to the CBOE first, then the EDGX exchange.
Ahh, it is an options thingy. No wonder it makes no sense to me, because options are nonsensical to me. My brain does not understand them.
the big issues not with them tho. the prblem is brokers, they steal and lie all the time which is okay except when it's millions and you needed it. this looks like a disaster as it has come from brokers asking an exchange to lie to get them more orders. orders for brokers are okay i suppose they are just like atm scams, being mugged it's fine. whats not okay is when the brokers systems fk up and start closing out positons at their off market rates and claim the 2 million they lost in 10 minutes was to help you. even if the whole point of all the account admin you have done is so that could never happen . it's cool it's not a problem. oh also the rule is 80% of equity to margin when options are 4x the underlying notional and its triggered on their prices then in the money calls nake puts. and btw 70% of equity, if u keep times 2million by 0.7 you get to -250k. dont want that happening again but i was nice to brokers when i was younger you don'y know what these people are like.
i dont want brokers anywhere near anything to do with it. ill pay whatever you want per month but wanna be able to go and see for myslef if it stops working. how much is it?
also keep orignal rules and i want the most visious counterparty's only (they are likely the least currupt right exactly makes sense coz they are actually good not stealing right, i would go so far to say anyone protecting a customer is to be regarded with sceptism like child molestor espeically when their job is to be a crooked hold up in the order flow to take money for no reason. why is time down the list, and why would i want your protection. i need it like you need more fentanly. brokers.
these people. in response to being useless crooked cunts we have asked the cme to protect customers more so we can have more really daft shit to take money for no reason when its really easy to do without fucking everything up . lets do more suitabily to protect. wow. they need drilling in the head and im the one to do it.
*cboe. i thought they were a lot better than this tbh. we can pay serious money directly to the exchange for access to predatory traders. thats what i'd like. i would honestly consider the possibility that these fuckers are costing u.
citadel are best placed to protect retail customers as they rarely fail to lose a few billion every time they have to do an actual trade. they ought to be custodians of orders and transmit to exchanges, check suitabllity and come back. how much money did you lose. why do you have cloud based data servers for like trading, what are those touch screens for, are u not confusing and thinking apple pods. pass mate.