Nice balanced piece from a high level, amongst all the finger pointing. There is however a lot to be peeled back in the details.
More blows were traded last week in the never-ending fight over how US markets should work. I recap the fighting & share my thoughts in this week's post. Thanks for reading!https://frontmonth.substack.com/p/recapping-last-weeks-stock-market …
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this is great as usual! I think the only subtlety missing is "would NBBO tighten if retail trades(not exhaust) were executed there? Is it more or less than EQ(PI/PFOF) given to retail?" you mention XTX's stance that "costs would reduce" but its more about spread than cost
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JustinRBLT had a great breakdown of this
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Fair and balanced piece as usual. Thanks for taking the time and digging in. The data don’t lie and we will be providing more. We have the best markets for retail investors in the world as the facts and data support.
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what is this? my email is keeping secrets from me
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Is it cheaper for retail to trade with citadel / virtu vs the exchange?
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Great read
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Great read. It would be interesting to see brokers speak on this topic in addition to the MMs.
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I'm really enjoying your weekly articles!
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Many thanks!
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