Did.... did Virtu write this? Signed an Armchair Market Structure Expert that has been trading for at least 3 years. or 30.https://twitter.com/HideNotSlide/status/1423288632153104384 …
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Will Robinhood still succeed? Yes. Will MMs make a SHTTON of $? Yes. Will retail fizzle out? See dotcom GFC crisis etc. Cycles. Will my opinion matter to anyone? No. I know all that too.
Thanks for linking. I agree with a lot of what you argue (RH changing PFOF structure to % of spread is not okay, as u say). 1 question - your argument makes 100% on-exchange trading seem like the best option. Won't exchange monopolies increase trading costs?
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As I understand it PFOF was implemented way back when to take power away from exchanges. Giving the power back to exchanges doesn't seem like a cost-lowering solution imo
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I should you emails from industry players AGAINST PFOF who are now its biggest champions. Great business! But Not so sure public policy should be based on their expert input.
End of conversation
New conversation -
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We have exchange oligopolies. We had them. We still have them. We will have them. They cater to the MM trading firms.... who make up 80-90% of the quote that makes the spread. who is filling retail in the dark off of those same spreads?
Thanks. Twitter will use this to make your timeline better. UndoUndo
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