just because someone is bitching about a penny or two given and/or an inconvenience to do with the reality of a seemingly unfair (wah, wah, and waaaahhhhhh!!) advantage given to broker-dealers for the supposed price improvement of their customers doesn't necessarily mean that they are not making money. if you say "focus," are you trying to convey "fixate/obsess" or maybe you are aware that one may be just making a point about what is actually happening and where your penny over 10 million shares went when you used to be able to actually get some money out of it by adding liquidity. keyword:USED TO. everything changes so adapt. unequivocally true, good point and good luck continuing to make money, as i believe you probably do
This is confusing to me because I'm not sure how the NBBO rule could be used to front-run, or what its connection with flash orders is. Can you connect the dots for me? "Hustlers of the world, there is one Mark you cannot beat: The Mark Inside." Apropos, I think.
In addition OP is talking about trading futures so flash orders don't even apply. BS - You are lying. There is no way you can max out a 100mbit line. Maybe if you have 15-20 traders on a 100mbit line but never one person. Why don't you state your clearing firm, do a trace route and tell us how many servers and hops you have to your execution engine, and post up your latency. If you understood the markets you would be trading more and posting less. Quote stuffing is BS and anyone blaming it has been getting screwed over by their retail broker who internalizes order flow for quite some time. OP said futures, not stocks
apropos, indeed regarding NBBO rule, the idea is to get the customer's order out simultaneously (NOT may 6th) to all exchanges to get the best possible price in that instant for that particular instrument. down side is that the ATS exchanges will, in an effort to drum up some biz, give these HFT black box folks a "flash" of what orders are out there a few millionths of a second before it goes to the market(for a small fee) which sometimes gives rise to us having an irritated rectum. seems illegal in the same vein as insider trading but apparently, a regulatory loophole lets the vampiric hfts bleed us so. as most HFT servers are co-located at the exchanges, they beat out the institutions, and us, 24 hours a day. this is my understanding of it.
technically, the OP in his OP didn't mention futures but how HFTs put it to us so IMO, still on topic. besides, it is a forum and as it is public, topics can meander this way or that and if some folks happen to digress into a seemingly off topic chat within that thread, it doesn't necessarily mean that armageddon is upon us, although it doesn't mean that it isn't
Anyone can bypass all Broker API's and get their software certified to trade directly with CME. 85MS - 150ms? Are you kidding.. Order releases are routinely < 1ms. Colocated latency is < 1ms. They are not cutting in line or getting inside info. They can see your order in the DOM, execute and clear before you get your confirmation. What antiquated software are you running? Even Excel can be programmed to process feeds and trigger orders in 10ms.