The cross is the most profitable trade for the exchange. Both sides pay fees versus continuous trading when it becomes a net-fee near 0 per trade. If interest in the cross appears to still be increasing, might as well wait it out until stable, then cross with max volume
Before exchanges invest another cent in faster data speeds & colocation, they need to work on speeding up this whole IPO first trade thing
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Totally agree. Hasn’t everyone had enough time to decide on what bids and offers to put in the book?
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Exchanges can digitize a stock's first trade on the blockchain, instantly process trillions of $ of orders at a time, stream real-time data to HFT by the microsecond, yet it takes 5 hours to build an IPOs initial trading price....
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I always liked the way it happened in markets outside of the US. Just orders into the open auction and an automated match to open. No delay, opens with the market. Worked very well. Simple, transparent etc. HKEX does it well.
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Look at cme board of directors and connections to HFTs - they do what their masters tell them or they lose CEO job . Duffy gets paid well to not charge HFTs market rate for co location
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