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@HideNotSlide

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Helping investors become smarter & more informed about exchanges.

LOST IN THE CITADEL SECURITIES
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    1. Hide Not Slide‏ @HideNotSlide 2 Nov 2020

      For two decades CME housed its own proprietary trading desk, complete with a dozen traders, exchange collateral, and a multi-million dollar P&L. This is the story of GFX Corp:pic.twitter.com/xxVKinxwjf

      2 replies 0 retweets 11 likes
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    3. Hide Not Slide‏ @HideNotSlide 2 Nov 2020

      From 2000 to 2008, filings show GFX quietly made $3 - $11 million per year in net profit, trading against CME's other exchange customers. It started trading more than just FX futures, too. As CME grew in size, GFX became small enough to be hidden away in "other revenue".pic.twitter.com/7Xu394erey

      1 reply 0 retweets 1 like
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    4. Hide Not Slide‏ @HideNotSlide 2 Nov 2020

      Let's put ourselves in CME's shoes for a moment. Liquidity is the core value of an exchange. The exchange partners with market makers to help spur some of this liquidity. Why not try and vertically integrate? Create the liquidity yourself?

      1 reply 0 retweets 0 likes
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    5. Hide Not Slide‏ @HideNotSlide 2 Nov 2020

      The problem comes when considering conflicts of interest. How does it look for CME - the creator and front-line referee of its markets - to make money trading against its own customers? It can be construed as the ref rooting for a team on the sports field.pic.twitter.com/zA82PWPgGG

      1 reply 0 retweets 0 likes
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    6. Hide Not Slide‏ @HideNotSlide 2 Nov 2020

      In 2018, GFX was decommissioned. Why? It's unclear. The saga of an internal CME trading desk illustrates how exchanges can get creative to try and build better markets, but there's a balance bw establishing trust and growing liquidity that's important to maintain.

      1 reply 0 retweets 1 like
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    7. Hide Not Slide‏ @HideNotSlide 2 Nov 2020

      If this thread taught you something, check out my newsletter where I write about the exchange industry every Friday:https://frontmonth.substack.com/ 

      1 reply 1 retweet 2 likes
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      Hide Not Slide‏ @HideNotSlide 2 Nov 2020

      Sources: https://www.bloomberg.com/news/articles/2014-08-28/cme-unit-that-trades-with-clients-earning-millions-with-futures … http://www.nanex.net/aqck2/4674.html  https://www.cftc.gov/sites/default/files/anr/anrtm97rev.htm …

      7:27 AM - 2 Nov 2020
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      • Oleksandr Anufriyev
      0 replies 0 retweets 2 likes

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