macrocephalopod on Twitter: "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.… https://t.co/xC1VRNTziB"

@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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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

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

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

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

emily‏ @theemilyaccount 12 Feb 2021

Replying to @dlauer

px improvement even greater for institutions/large funds!

2 replies 0 retweets 3 likes

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

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

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

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...

1 reply 0 retweets 3 likes

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.

2:06 PM - 12 Feb 2021

5 Likes

1 reply 0 retweets 5 likes

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