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macrocephalopod's profile
macrocephalopod
macrocephalopod
macrocephalopod
@macrocephalopod

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macrocephalopod

@macrocephalopod

Paul Allen, Vice President M&A, Pierce & Pierce (Sie/Hir) | Vegan | Silence is Violence | Women’s Rights Are Human Rights | ACAB (Assigned Cephalopod At Birth)

Joined December 2020

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    1. macrocephalopod‏ @macrocephalopod 24 Jan 2021
      Replying to @death_by_twiter @tucaman123 @nope_its_lily

      Ok, (a) that is not what spoofing is (b) can you explain how a HFT possibly sees your order before it gets to the exchange? Do you think they are mind-readers?

      1 reply 0 retweets 2 likes
    2. Lily.wav‏ @nope_its_lily 24 Jan 2021
      Replying to @macrocephalopod

      pic.twitter.com/rqX3qZpeZf

      2 replies 0 retweets 2 likes
    3. Freak0naut‏ @FREAK0NAUT 24 Jan 2021
      Replying to @nope_its_lily @macrocephalopod @tucaman123

      wait what? the broker routes the order to the HFT firm who either execute it or send it on to the exchange? ...did I miss something?

      1 reply 0 retweets 0 likes
    4. macrocephalopod‏ @macrocephalopod 24 Jan 2021
      Replying to @FREAK0NAUT @nope_its_lily @tucaman123

      then it would get filled either at the nbbo when the order was received, or better if there was price improvement

      2 replies 0 retweets 0 likes
    5. COBOCG‏ @COBOCG6 24 Jan 2021
      Replying to @macrocephalopod @FREAK0NAUT and

      That is true in theory but they are continually paying fines for filling way off the NBBO price. I have personally witnessed fills in the dark pool based on a price that did not hit the order book at all.

      1 reply 0 retweets 0 likes
    6. macrocephalopod‏ @macrocephalopod 24 Jan 2021
      Replying to @COBOCG6 @FREAK0NAUT and

      Happens but it’s easy to track (hence the fines). Retail is the most protected group in financial markets. HFTs fall over themselves to trade with retail and even give them *better* pricing than the nbbo most of the time, this idea that they are front-running retail is insane.

      2 replies 0 retweets 0 likes
    7. Lily.wav‏ @nope_its_lily 24 Jan 2021
      Replying to @macrocephalopod @COBOCG6 and

      They aren't frnt-running retail in the sense of capturing trades, but I'm sure they use PFOF to price options.

      1 reply 0 retweets 1 like
    8. macrocephalopod‏ @macrocephalopod 24 Jan 2021
      Replying to @nope_its_lily @COBOCG6 and

      In that they use it to update the spot price? Yes, absolutely - *after* they have filled the order.

      2 replies 0 retweets 0 likes
    9. macrocephalopod‏ @macrocephalopod 24 Jan 2021
      Replying to @macrocephalopod @nope_its_lily and

      I used to work at a big HFT, there was an insane amount of internal compliance around making sure information from client flow was not being misused. We went much further than the law required. They are terrified of being audited.

      2 replies 0 retweets 0 likes
    10. Freak0naut‏ @FREAK0NAUT 24 Jan 2021
      Replying to @macrocephalopod @nope_its_lily and

      define "misused"

      1 reply 0 retweets 0 likes
      macrocephalopod‏ @macrocephalopod 24 Jan 2021
      Replying to @FREAK0NAUT @nope_its_lily and

      Incorporated into the trading system before the decision to fill or reject the order is made.

      12:11 PM - 24 Jan 2021
      2 replies 0 retweets 0 likes
        1. macrocephalopod‏ @macrocephalopod 24 Jan 2021
          Replying to @macrocephalopod @FREAK0NAUT and

          Barclays had a massive scandal in FX a few years back where client order I nfo was misused, look up “barcap last look”. They paid a massive fine and a bunch of senior people were fired/“asked to leave”. HFTs absolutely do not want that to happen, it’s destroy their business.

          0 replies 0 retweets 0 likes
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        2. Freak0naut‏ @FREAK0NAUT 24 Jan 2021
          Replying to @macrocephalopod @nope_its_lily and

          yeah that's not what I people are afraid of though, they think the firm will there limit order at a price the market has already moved away from before they can update the limit. which is obviously what will happen...

          1 reply 0 retweets 0 likes
        3. Freak0naut‏ @FREAK0NAUT 24 Jan 2021
          Replying to @FREAK0NAUT @macrocephalopod and

          p.s. can you please help @nope_its_lily set up her own prop firm?

          0 replies 0 retweets 1 like
        4. End of conversation

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