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drewg__'s profile
drew
drew
drew
@drewg__

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drew

@drewg__

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

NYC
Joined April 2009

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    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. Faris Al-Natour‏ @pressFToTweet Jun 15
      Replying to @drewg__

      Wait, interest revenue on margin accounts?

      1 reply 0 retweets 1 like
    4. drew‏ @drewg__ Jun 15
      Replying to @pressFToTweet

      Interest revenue on cash generically speaking. They take customers short term cash and put it in longer duration instruments https://www.kalzumeus.com/2019/6/26/how-brokerages-make-money/ …

      2 replies 0 retweets 1 like
    5. Faris Al-Natour‏ @pressFToTweet Jun 15
      Replying to @drewg__

      I'll definitely read through that and I know that it's more complicated (due to ST borrowing against assets) but I guess I'm just surprised anybody keeps enough cash lying around in their brokerage accounts that when you add it up, just it's interest generates that much rev.

      1 reply 0 retweets 1 like
      drew‏ @drewg__ Jun 15
      Replying to @pressFToTweet

      Yeah for Schwab it's the single biggest line item in their revenues!

      7:01 AM - 15 Jun 2021
      • 1 Like
      • Faris Al-Natour
      1 reply 0 retweets 1 like
        1. Faris Al-Natour‏ @pressFToTweet Jun 15
          Replying to @drewg__

          Insane. What if the shadow financial sector was the trading buddies we made along the way?

          0 replies 0 retweets 1 like
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