Thanks for the detail - helpful context
Curious to see how $VIRT trades today on the RH news... a lucrative income stream may now be in question.
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it would be interesting to view RH 606 in time series from 2015 to present. any bump in exqual in 2018 would be an "implicit fine" via changed behavior -- a go-forward cost of meeting higher standards.
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unch'ed no policy change out of this. RH probs are idiosyncratic -- its achievement has been intro'ing trading a new frontiers of masses. if RH goes away, the flow will remain, via other brokers, and MMers will continue to service.
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And when reading the SEC docs on this the MM firms look pretty solid here (which I did not expect). They pointed this out to RH and one even forced changes to give more price improvement. I expect they had a good understanding of the downside here.
End of conversation
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