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....
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I mean sure, you have to invoke counterfactuals and talk about opportunity costs and it gets a bit abstract but otoh ... opportunity costs are real? I don’t have an easy answer to the question “would markets be better if we put everything on a single l exchange” but it seems like
a question that it’s worth asking. Throwing up your hands and saying there’s nothing we can do, the issues are too theoretical and abstract, is not an answer we would accept for most other questions.
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i think that this greatly depends on the definition of "better". better for whom?
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I guess better for the end users of markets (investors and companies that need to sell stock). Appreciate that MMs need to get paid too but if they got paid a bit less for providing the same quality of service (or paid the same for better service) wouldn’t that be an improvement?
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That’s fair enough, I just think it’s like how you asked earlier for numbers- I want to see some sort of proof of concept, and if it’s not something we can quantify, I don’t think it deserves the same sort of attention as something with a POC we /can/ quantify
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It doesn’t mean it’s not a valid question, it means it’s an entirely unanswerable one and those aren’t what I would call “fair” in a genuine discussion about ways to improve
End of conversation
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