The most shocking thing about equity microstructure is how little it's evolved over the past decade. Look at the breakneck innovation in exchanges, liquidity, and market structure from 1990-2010. I would have never imagined we'd basically trade the same way in 2021 as 2009.
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I’m not sure… One, maybe we’re at the end of history. Current solutions fully satisfy end users…. Two, maybe barriers to innovation. Either regulatory, institutional or even lack of imagination… The former is tempting, but innovation is never obvious from the outside.
Still plenty of innovation to be had on tick sizes, lots of the most liquid names are tick constrained basically all the time. @AlexanderGerko to his credit has been pounding the table on this subject
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The fact that changing tick sizes would be considered a huge change says it all here. On a crypto exchange this happens with 3 days notice.
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Lmao, fair
End of conversation
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