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This is an extremely thought-provoking piece from XTX Markets CEO @AlexanderGerko.
- For FTT
- For elimination of PFOF
- For more on-exchange market sharepic.twitter.com/7fGvPoLQg6
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Thanks. Twitter will use this to make your timeline better. UndoUndo
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Other than his (correct) points about retail flow's cost being the spread & desirability the randomness (and that mms capture that), there is nothing new. (Those points, btw, undercut Nagy & Gellash's arguments on retail being treated badly). On policy, however:
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This is so one sided. It basically says send retail flow to the market so institutions can take advantage of it, giving any price improvement and pfof to the institutions. So the hell with retail and give the benefit to the most sophisticated institutions.
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yeah, let's keep retail flow where it is, so that TWO, literally the most sophisticated, institutions can extract full oligopolistic rent, rather than allow retail flow to match with hundreds of participants on exchange
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DMA for everyone! (Just like in crypto land
)Thanks. Twitter will use this to make your timeline better. UndoUndo
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FTT, no quote protection, price on value vs shares...just some casual suggestions
. Im all for the debate but XTX is pretty axed to these changes. They can’t/don’t want to invest the capital to take real wholesale share from citadel et alThanks. Twitter will use this to make your timeline better. UndoUndo
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Hilarious. Everyone wins!
End of conversation
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