HN commenter, paraphrased: "HFTs pay brokerages money to see non-executed limit orders! That's outrageous." Literally anyone can pay a trivial amount of money to see non-executed limit orders on the order book at a stock exchange, which exists in large part to do exactly this.
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The purpose of a limit order is to ask an exchange to advertise your willingness to buy or sell a defined quantity of stock at a defined price, so if you do not want market participants to learn you wish to buy a defined quantity of stock at a defined price, perhaps don't do that
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Tangentially relevant: This brilliant article on the right answer to HFT linked to, if not explicitly endorsed, by
@matt_levine this week: https://faculty.chicagobooth.edu/eric.budish/research/HFT-FrequentBatchAuctions.pdf … (I hope Matt does endorse it; maybe he can let us know!) -
Seems cleaner just to eliminate the sub-penny rule; the reason traders are currently competing on speed rather than competing on price is that in very liquid stocks, liquidity providers competing on price is effectively illegal.pic.twitter.com/W53tcRWgmZ
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