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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Not dunking on the commenter here; this feels like a good encapsulation of something which is easy for a technologist to believe so good to correct publicly.
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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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Replying to @patio11
Do people not understand that bids / asks are there as placeholders and not just arbitrary? Hmmm
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Replying to @FAfied32
I think that almost no generalist technologist, informed member of the public, or financial journalist will succeed on the challenge "Draw an example order book. Any order book."
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What should a layman read in order to understand and succeed at your challenge?
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The Starfighter docs *cry*. (My last startup, presently offline.) Or Chris Stucchio’s apologia for HFT.
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