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HideNotSlide's profile
Hide Not Slide
Hide Not Slide
Hide Not Slide
@HideNotSlide

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Hide Not Slide

@HideNotSlide

Helping investors become smarter & more informed about exchanges.

LOST IN THE CITADEL SECURITIES
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Joined December 2014

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    1. Hide Not Slide‏ @HideNotSlide 27 Jul 2020

      Curious where my name “Hide Not Slide” comes from? There’s an interesting story behind it. The story perfectly captures why exchanges are so interesting to understand and follow. We begin in 2008 👇

      1 reply 0 retweets 10 likes
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    2. Hide Not Slide‏ @HideNotSlide 27 Jul 2020

      Direct Edge, a mid-sized dark pool owned by Citadel and Goldman Sachs, wants to grow market share and become an official stock exchange. In late 2008, a large trading firm asks Direct Edge to create a new order type that would help them execute a new strategy better.pic.twitter.com/nw74jlRCNA

      1 reply 0 retweets 0 likes
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    3. Hide Not Slide‏ @HideNotSlide 27 Jul 2020

      The order type needed to give the firm optionality in the order book. They wanted to “hide” from certain price moves rather than “slide” with the market and lose queue position:pic.twitter.com/k8ozqur66i

      1 reply 0 retweets 1 like
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    4. Hide Not Slide‏ @HideNotSlide 27 Jul 2020

      Direct Edge creates and launches* this order type - named “Hide Not Slide” - in early 2009, at the same time it begins applying to become a public stock exchange. *After launch, Direct Edge tweaks the order design for its top customers without updating its public filings.pic.twitter.com/UmbmursCOu

      1 reply 0 retweets 1 like
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    5. Hide Not Slide‏ @HideNotSlide 27 Jul 2020

      In the weeks after launch, market share skyrockets, peaking at 12% of total equity market volume. The dark pool goes on to win exchange status in 2010:pic.twitter.com/IXjoAXGe3X

      1 reply 0 retweets 1 like
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    6. Hide Not Slide‏ @HideNotSlide 27 Jul 2020

      Around the same time, @HaimBodek – a successful ex-Goldman volatility trader – begins mysteriously losing money in early 2009:pic.twitter.com/Q5xdjLxcGg

      1 reply 0 retweets 1 like
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    7. Hide Not Slide‏ @HideNotSlide 27 Jul 2020

      Bodek tirelessly investigates why his models suddenly broke, and finally overhears the reason at a Direct Edge holiday party – Hide Not Slide orders. Instead of staying quiet, Bodek goes public with the discovery and exposes the Hide Not Slide market cheat code:pic.twitter.com/1ZXDRHOimd

      1 reply 0 retweets 1 like
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    8. Hide Not Slide‏ @HideNotSlide 27 Jul 2020

      Some time later, Bodek’s tip results in a record $14 million fine against Direct Edge:pic.twitter.com/jIMeOoVfl3

      1 reply 0 retweets 1 like
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      Hide Not Slide‏ @HideNotSlide 27 Jul 2020

      Aftermath: ① Direct Edge merges with BATS, and BATS is bought by CBOE ② Michael Lewis’s book Flash Boys sheds more light on HFT and exchanges; IEX is born. ③ Haim Bodek goes on to work with @sanglucci and writes multiple books on dark pools and trading

      5:48 AM - 27 Jul 2020
      • 1 Like
      • Alex Pitti
      1 reply 0 retweets 1 like
        1. Hide Not Slide‏ @HideNotSlide 27 Jul 2020

          Sources: https://www.sec.gov/litigation/admin/2015/34-74032.pdf … https://blog.themistrading.com/2015/01/hft-influence-the-real-story-behind-the-latest-stock-exchange-fine/ …https://www.vice.com/en_us/article/5gk8zb/the-fix-is-in-0000517-v21n12 …

          1 reply 1 retweet 3 likes
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