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What they can do is to add supply or demand at certain points and give people a false impression with regards to the supply and demand. This in turn leads to incorrect pricing of the asset. A typical example is to prevent a stock from closing red by bidding it and supporting every time it gets there

I think 7.753 avg, not sure. peanuts compared to the potential gain

on USDHKD? I bailed out. I said I would exit at 7.755-7.76, I ended up exiting at lower price. smallish loss

I wrote this article from the information that I learned from talking to IEX: " Ever since Michael Lewis published his big best seller Flash Boys, an interesting exchange has gotten a lot of the public’s attention. IEX, or The Investors Exchange, was created by Brad Katsuyama and his colleagues...

Dennis Dick who writes for the CFA magazine usually have an interesting perspective on how to adapt to a HFT world His latest article http://www.cfapubs.org/doi/pdf/10.2469/cfm.v25.n5.7

Thanks man. Thats what I was looking for

Anyone has recent un-aggregated data? By un-aggregated data I mean that it breaks down by each ecn/exchange instead of lumping 2-3 together because they are owned by the same folks

Yes its a dark pool, I don't see your point. The HFTs are there because these HFTs usually have two components of how they make money, market making and latency arb. Latency arb games aren't possible at IEX but they still can make some money market making (especially with the rising market share...

Thank you for posting this man!

"Ever since Michael Lewis published his big best seller Flash Boys, an interesting exchange has gotten a lot of the public’s attention. IEX, or The Investors Exchange, was created by Brad Katsuyama and his colleagues from the Royal Bank of Canada(RBC) after they realized that the US stock market...

I spoke with IEX and I believe I understand now why they don't use (and need) Thor. First because their technology is much better than it was at RBC. RBC being a broker dealer didn't had that much incentive in getting the fastest connections to the exchanges or the best hardware. They weren't...

Does TradeStation now offer orders that reroute if they don't get filled at IEX now? What about LightSpeed?

Just a correction. Its 350 microseconds not milliseconds. I'm not sure yet how they built their system as to not violate the Thor patent. Probably has to do with the language from the patent They have some more info here http://www.iextrading.com/insight/router/

I'm asking them over email for more detail. It seems that they have their own proprietary system (they are trying to patent it) where they don't hit all the exchanges/ecns at the same time but roughly at the same time in a certain sequence. Maybe its an improved Thor because it takes into...

I just called IEX market desk to ask about their router. They told me they don't use Thor but that there is no need to. What they do is to slow down their own HFTs by the 350ms then send out the order to all the displayed exchanges and ECNs (plus Lava Flow) in a specific order (their routing...

Then I suppose you are out of luck, you just go to figure out if the 16.5% is worth it for you to stay in HK, otherwise you might want to move to Singapore or somewhere similar There is another solution which would involve you sending the funds to a trust or foundation which the beneficiaries...

HK has a territorial taxation system, you are not liable to tax on income derive outside HK. To my knowledge if you open an offshore corporation you will not have to pay HK tax on its gains http://en.wikipedia.org/wiki/International_taxation Don't take this as tax advice, consult with a...

Macro Man is back http://macro-man.blogspot.com.br/

They adjust for inflation what is convenient for them, what about adjusting the $3,000 carry forward capital gain loss that US mom and pop have as limit?

Another good risk reward trade is long FNMA stock. Either goes to $0 or to $20+ depending on the legal outcome, congress already said they want to leave to the courts on how shareholders will be treated on GSE reform. I don't own the stock because I'm a day/swing trader now. At any given moment...