We're rapidly approaching a market where more shares trade off exchange than on - not good for the likes of $NDAQ $CBOE $ICE and even upstarts like MEMX and MIAX:pic.twitter.com/lMMWKhKXse
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Not familiar with this space, what's driving more otc?
The main reason is a ton more retail volume since beginning of 2020 that is mostly executed off-exchange. Everyone’s trading more, but mix is shifting OTC. The replies to this are helpful to get some added detail:https://twitter.com/HideNotSlide/status/1352348629105782784 …
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Thx really helpful. And I guess retail skew otc because part of Robin hood and other platforms revenue comes through pfof, which has likes of virtu as the market maker?
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Exactly, but its more Citadel bc they get all the options flow whereas Virtu is mostly equities. Since its on topic ill leave this here
talked about PFOF in yesterday’s writeup:https://frontmonth.substack.com/p/bernie-madoffs-parting-gift …
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