@HesterPeirce Thank you, commissioner, it’s been an honor. Enjoy the beach. @ltabb that makes 3 of us BTW. We almost have quorum.
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Jesse Forster
1.1K posts
Jesse Forster
@jesseforster
Father, husband, equity market structure head at @CoalitionGrnwch. Part-time fisherman, full-time wanna be rockstar. Opinions and views are my own.
Katılım Ekim 2011
550 Takip Edilen175 Takipçiler
Just in time for my birthday. Thanks Larry!
Larry Tabb@ltabb
Join us: Market Structure 2025: Reshaping the Future of Investing and Trading NYC - Nov 12, 4pm. Discussions on stablecoins, tokenization, options, prediction markets, and if the government opens by Nov 12th SEC Commissioner Hester Peirce @HesterPeirce go.bloomberg.com/attend/invite/…
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@ltabb Good thing price controls never lead to unintended negative consequences…
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This is big. Soon the most liquid stocks will trade at 1/2c spreads & access fees now 30c/100 shares w/b cut to 10c/100 shares ($0.001/share) for all stocks.
James J. Angel@GuFinProf
@SECGov wins one in court: The DC Circuit upholds the price controls on exchange fees. @ltabb @aosipovich @NasdaqExchange @nyse media.cadc.uscourts.gov/opinions/docs/…
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Speakerbus ceases operations: waterstechnology.com/7952662
It's a shame since they have good product.
@BTGroup is trying to sell its voice business (legacy tech, losing money, no buyers yet...) leaving @IPC_Systems_Inc and @Symphony Cloud 9 the only viable alternatives.
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@ltabb I hate to tell you, Larry, but was closer to 30 years ago than 20!
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And for those that don't know. If you are using trading algorithms to executed, more than likely your trading algorithms are all based upon the Almgren/Chris work done like 20 years ago. Its foundational to trading
Elham Saeidinezhad@elham_saeidi
Thank you, @ltabb. For those interested in portfolio construction, the latest contribution to the Market Microstructure Project features a compelling piece by Robert Almgren—whom I consider one of the fathers of modern equity market structure. An accompanying interview with Robert will also be published today, where he discusses the so-called portfolio construction pipeline from a market structure perspective.
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Take:
Every microwave only needs two buttons:
-Add 30 secs
-Bring butter to room temp
No other buttons needed.
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If this is true - we don't see it. Retail is rocking like ever. We upped our estimate of retail volume to 20.5% (shares traded) for 1Q 25, up from 19.5% in 4Q 24. Our peak was 24%, but that was in the heat of the meme-stock craze when retail was trading lots of low value stocks.
Steve Quirk@SteveQuirk_
Recent headlines, like this one from Business Insider, have proclaimed that retail traders are showing signs of fatigue. Is it true? Let’s look at the data… bit.ly/43tNChG (1/3)
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@chucktowntrader @ltabb Isn’t this kind of what INCR is trying to do to with their lit ASPEN?
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Agree completely. The problem however with getting rid of 611, is how do you eliminate "order protection", so, what, you aren't going to protect my order?
That said, 611 is now stopping exchanges from competing and last month was 1st time Off exchange volume was > On exchange.
Richard Johnson@_richjohnson
I wrote this blog in 2016 looking at his dissent against Reg NMS and his predictions that came true. Perhaps the end is nigh for rule 611? greenwich.com/account/time-f…
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@RobinWigg Nominating two more C's here - Compliance (easier to monitor electronic trading) and Comfort (more vols and bigger sizes w/ increased use). Happy to talk more.
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Tell me you’ve never lived in the Midwest without telling me
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@SalArnuk My Bronco can go everywhere a Wrangler can at twice the comfort.
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@aosipovich Just as noticable that even the folks who reflexively oppose or second guess Virtu have been relatively quiet here too.
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Strange bedfellows alert! All the big market-structure gadflies (Themis, IEX, ASA, Better Markets & Healthy Markets) have sent a letter in support of... high-speed trader Virtu Financial?
Their common foe: Nasdaq and its plethora of listed penny stocks sec.gov/comments/sr-na…
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@ltabb It’s almost as if outsourcing trading and trading tech has gone mainstream. Someone should write about that :-)
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Where have all the exchange platform providers gone?
Interesting piece but pretty obvious - no one is writing core infrastructure platforms, it doesn’t pay. Too complex, too expensive, too easy to fail, too hard to penetrate. Much easier ways to make a $
waterstechnology.com/trading-tech/7…
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@ltabb @JustinRBLT It seems like fairly uncontroversial low hanging fruit we can harvest for market structure efficiency. Even the folks who often reflexively oppose anything that comes out of @Dougielarge or Virtu’s mouths are noticeably quiet here.
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@JustinRBLT Its that, but its also about the risk with quick reverse spits meant to confuse/defraud brokers/market makers. Ones where they call and execute before industry has the ability to notice and folks can buy a $10 stock for $1 or visa versa, leaving brokers/MM holding the bag
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@bizarchive @mbirdfoundation Done. $100 in your honor. Thank you.
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Last night's Tweezer clocked in at 39:48. I'm rounding up and donating another $40 to @mbirdfoundation as part of my Karma Pledge ($20 for every 20 minute jam). Anybody want to match me on this one as well? #phish #musiceducation
donate.mbird.org/np/clients/mbi…
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“You know you’re writing well when you’re throwing good stuff into the wastebasket.” — Ernest Hemingway (and @kmcpartland)
Robin Wigglesworth@RobinWigg
Great news for financial journalists with a face for podcasts and a voice for print. greenwich.com/blog/investor-…
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Retail brokers outsource their trading, and now maybe big banks will too. bloomberg.com/opinion/articl… via @opinion
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