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macrocephalopod's profile
macrocephalopod
macrocephalopod
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@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. emily‏ @theemilyaccount 12 Feb 2021

      emily Retweeted Dave Lauer

      as opposed to all those people trading in the market who aren’t motivated by making moneyhttps://twitter.com/dlauer/status/1360285823950848000 …

      emily added,

      Dave LauerVerified account @dlauer
      It shocks me that the so-called defenders of capitalism and believers in markets think that oligopoly is preferable to open competition for order flow. It's so backwards as to clearly show their motivations are to make money, not make markets as efficient & resilient as possible. https://twitter.com/AlexanderGerko/status/1360285126949765121 …
      9 replies 0 retweets 52 likes
    2. Dave Lauer‏Verified account @dlauer 12 Feb 2021
      Replying to @theemilyaccount

      I'm not the one defending my practices as being competitive capitalism, they are. I get your point, but this is why regulators need to assert what's right for markets, not for internalizers.

      1 reply 0 retweets 3 likes
    3. emily‏ @theemilyaccount 12 Feb 2021
      Replying to @dlauer

      perhaps what is right for internalizers is also right for markets, and the regulators have been doing just that

      2 replies 0 retweets 3 likes
    4. Dave Lauer‏Verified account @dlauer 12 Feb 2021
      Replying to @theemilyaccount

      I think shaping our market structure around optimal outcomes for active day traders and internalizers, rather than mutual funds and pension plans, is a mistake. And marketing wirehouse traders as "retail" / "mom and pop" is just that - marketing.

      1 reply 0 retweets 2 likes
    5. emily‏ @theemilyaccount 12 Feb 2021
      Replying to @dlauer

      px improvement even greater for institutions/large funds!

      2 replies 0 retweets 3 likes
    6. Salvatore Rubino‏ @salr_nyc 12 Feb 2021
      Replying to @theemilyaccount @dlauer

      Serious question: can you document these price improvements? I am curious how this works in US equities. As you know I come from a largely OTC market....

      1 reply 0 retweets 2 likes
    7. emily‏ @theemilyaccount 12 Feb 2021
      Replying to @salr_nyc @dlauer

      what do you mean document? recently one firm released earnings saying they delivered over 1 billion in px improvement.

      1 reply 0 retweets 3 likes
    8. Salvatore Rubino‏ @salr_nyc 12 Feb 2021
      Replying to @theemilyaccount @dlauer

      Document means to provide evidence, not make a simple assertion. Provide the tick data and the trades that *show* it.

      1 reply 0 retweets 2 likes
    9. emily‏ @theemilyaccount 12 Feb 2021
      Replying to @salr_nyc @dlauer

      i would never betray my clients trust by posting their order flow

      3 replies 0 retweets 5 likes
      macrocephalopod‏ @macrocephalopod 12 Feb 2021
      Replying to @theemilyaccount @salr_nyc @dlauer

      I am pro hft in general but there is definitely an argument that most of the px improvement that retail sees is not ‘real’ — in the sense that by moving retail flow off exchange, you leave the more toxic flow (from prop shops, hedge funds etc) behind, so exchange market makers...

      2:04 PM - 12 Feb 2021
      • 3 Likes
      • brrrzooka emily
      1 reply 0 retweets 3 likes
        1. New conversation
        1. macrocephalopod‏ @macrocephalopod 12 Feb 2021
          Replying to @macrocephalopod @theemilyaccount and

          need to post wider spreads. Since px improvement is measured against exchange quotes, it is mechanically an ‘improvement’ because its being measured against a price that has been made worse by the very fact of moving the retail flow off exchange.

          1 reply 0 retweets 5 likes
        2. macrocephalopod‏ @macrocephalopod 12 Feb 2021
          Replying to @macrocephalopod @theemilyaccount and

          I think I explained that v badly but is there anything wrong with the argument? It seems like you need to compare vs the counter factual where everything executes on exchange, not just compare retail executions against exchange quotes.

          1 reply 0 retweets 4 likes
        3. Show replies

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