Skip to content
By using Twitter’s services you agree to our Cookies Use. We and our partners operate globally and use cookies, including for analytics, personalisation, and ads.
  • Home Home Home, current page.
  • About

Saved searches

  • Remove
  • In this conversation
    Verified accountProtected Tweets @
Suggested users
  • Verified accountProtected Tweets @
  • Verified accountProtected Tweets @
  • Language: English
    • Bahasa Indonesia
    • Bahasa Melayu
    • Català
    • Čeština
    • Dansk
    • Deutsch
    • English UK
    • Español
    • Filipino
    • Français
    • Hrvatski
    • Italiano
    • Magyar
    • Nederlands
    • Norsk
    • Polski
    • Português
    • Română
    • Slovenčina
    • Suomi
    • Svenska
    • Tiếng Việt
    • Türkçe
    • Ελληνικά
    • Български език
    • Русский
    • Српски
    • Українська мова
    • עִבְרִית
    • العربية
    • فارسی
    • मराठी
    • हिन्दी
    • বাংলা
    • ગુજરાતી
    • தமிழ்
    • ಕನ್ನಡ
    • ภาษาไทย
    • 한국어
    • 日本語
    • 简体中文
    • 繁體中文
  • Have an account? Log in
    Have an account?
    · Forgot password?

    New to Twitter?
    Sign up
drewg__'s profile
drew
drew
drew
@drewg__

Tweets

drew

@drewg__

electronic trading technologist, illiquid commodity futures enthusiast, hedge fund/HFT apologist, big idiot

NYC
Joined April 2009

Tweets

  • © 2021 Twitter
  • About
  • Help Center
  • Terms
  • Privacy policy
  • Cookies
  • Ads info
Dismiss
Previous
Next

Go to a person's profile

Saved searches

  • Remove
  • In this conversation
    Verified accountProtected Tweets @
Suggested users
  • Verified accountProtected Tweets @
  • Verified accountProtected Tweets @

Promote this Tweet

Block

  • Tweet with a location

    You can add location information to your Tweets, such as your city or precise location, from the web and via third-party applications. You always have the option to delete your Tweet location history. Learn more

    Your lists

    Create a new list


    Under 100 characters, optional

    Privacy

    Copy link to Tweet

    Embed this Tweet

    Embed this Video

    Add this Tweet to your website by copying the code below. Learn more

    Add this video to your website by copying the code below. Learn more

    Hmm, there was a problem reaching the server.

    By embedding Twitter content in your website or app, you are agreeing to the Twitter Developer Agreement and Developer Policy.

    Preview

    Why you're seeing this ad

    Log in to Twitter

    · Forgot password?
    Don't have an account? Sign up »

    Sign up for Twitter

    Not on Twitter? Sign up, tune into the things you care about, and get updates as they happen.

    Sign up
    Have an account? Log in »

    Two-way (sending and receiving) short codes:

    Country Code For customers of
    United States 40404 (any)
    Canada 21212 (any)
    United Kingdom 86444 Vodafone, Orange, 3, O2
    Brazil 40404 Nextel, TIM
    Haiti 40404 Digicel, Voila
    Ireland 51210 Vodafone, O2
    India 53000 Bharti Airtel, Videocon, Reliance
    Indonesia 89887 AXIS, 3, Telkomsel, Indosat, XL Axiata
    Italy 4880804 Wind
    3424486444 Vodafone
    » See SMS short codes for other countries

    Confirmation

     

    Welcome home!

    This timeline is where you’ll spend most of your time, getting instant updates about what matters to you.

    Tweets not working for you?

    Hover over the profile pic and click the Following button to unfollow any account.

    Say a lot with a little

    When you see a Tweet you love, tap the heart — it lets the person who wrote it know you shared the love.

    Spread the word

    The fastest way to share someone else’s Tweet with your followers is with a Retweet. Tap the icon to send it instantly.

    Join the conversation

    Add your thoughts about any Tweet with a Reply. Find a topic you’re passionate about, and jump right in.

    Learn the latest

    Get instant insight into what people are talking about now.

    Get more of what you love

    Follow more accounts to get instant updates about topics you care about.

    Find what's happening

    See the latest conversations about any topic instantly.

    Never miss a Moment

    Catch up instantly on the best stories happening as they unfold.

    1. drew‏ @drewg__ Jun 15

      drew Retweeted Hide Not Slide

      Great thread about the retail trading landscape. One thing I would add is that even if PFOF goes away it's highly unlikely that we'll go back to a world with $5/trade commissions because it was both a bad customer experience and not necessary for the brokerages to make $$$https://twitter.com/HideNotSlide/status/1404780934562471943 …

      drew added,

      Hide Not Slide @HideNotSlide
      I think today's PFOF/retail transaction cost debate misses an important point: since COVID, market structure *on the demand side* has likely permanently changed. Eliminating PFOF or punishing market makers won't prevent CrazyApe69 from YOLOing his life savings away.
      Show this thread
      2 replies 0 retweets 10 likes
      Show this thread
    2. drew‏ @drewg__ Jun 15

      Retail brokerages are banklike in that their revenues primarily derive from net interest margin--the big ones can literally mark all other revenue streams to zero and still generate massive profit from net interest

      2 replies 0 retweets 2 likes
      Show this thread
    3. drew‏ @drewg__ Jun 15

      So even in a world with no PFOF I think it's not just possible but *likely* that the brokerages will continue with free trades as a valuable tool for customer acquisition--after all, if you're the only shop in town with commissions do you think retail traders will go to you?

      2 replies 0 retweets 1 like
      Show this thread
    4. drew‏ @drewg__ Jun 15

      The point here is that not only does consumer psychology favor zero commission, but retail brokerage economics do as well. They are in the business of collecting retail dollars and generating net interest from that base. They are not in the "trading" business per se

      2 replies 0 retweets 3 likes
      Show this thread
    5. This Tweet is unavailable.
      drew‏ @drewg__ Jun 15
      Replying to @sukhoiConvexity

      It's not been publicly confirmed but there is speculation that Jump internalizes Robinhood crypto flowhttps://frontmonth.substack.com/p/the-usain-bolt-of-electronic-trading …

      6:40 AM - 15 Jun 2021
      1 reply 0 retweets 0 likes
        1. Joel Rubano‏ @TCK_JRubano Jun 15
          Replying to @drewg__ @sukhoiConvexity

          Crypto must present different market-making challenges, as I would imagine there is much less tendency for a relatively balanced flow of buyers and sellers around a price level and more potential for sustained buying/selling pressure at any particular point in time.

          0 replies 0 retweets 1 like
          Thanks. Twitter will use this to make your timeline better. Undo
          Undo

      Loading seems to be taking a while.

      Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.

        Promoted Tweet

        false

        • © 2021 Twitter
        • About
        • Help Center
        • Terms
        • Privacy policy
        • Cookies
        • Ads info