This is an... extraordinary article in the Wall Street Journal about stock internalization, etc.https://www.wsj.com/articles/exchanges-vie-with-ultrafast-traders-for-mom-and-pop-stock-orders-11568808000 …
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If you sell your stock, regardless of your contra, you will not participate in future price movements of the stock. That is, presumably, a major reason why you are selling your stock.
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If you sell your stock to retail investors, and then a pension fund buys a million shares of Apple, you still won't participate in the later gain of the stock caused by the price impact of the pension fund's order. If that is a problem... you don't want to sell your Apple stock.
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Also, from a "Why do we have stock exchanges, at all?" perspective, they form Schelling points to aggregate demand and supply. It is *extremely unlikely* that there are 100 dentists, engineers, and small business owners who want ~$22k of Apple at *exactly* time hedge fund sells.
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Thus the existence of market makers, including HFTs, who guarantee (for institutional investors) that if you want to sell 10k shares of Apple immediately for ~$2.2 million that you will be able to do this at a frictional cost so low that you'd assume I'm joking.
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