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Sorry, that's quite naive.

Timber Hill predates IB by several years (maybe 10). IB grew out Peterffy's recognition that he could monetize his market making infrastructure. bob, I think you got at least a potential explanation how you could observe what you do: it's possible someone in the chain is grabbing liquidity...

A recent Aite Group report pegged HFT at about $2B/yr net. I think that's high; it necessarily involved 2008, which was ridiculously phenomenal maybe once-in-a-lifetime conditions. That said, GETCO has certainly made a billion over time, and Goldman and RenTech. Can't think of anyone else...

Brilliant journalism and insights. Clearly the answer is to remove food from the public auction markets so price discovery is a closed-door process between the largest growers and processors. You should probably write to Obama and tell him yourself.

A family favorite: Blueberry Scones with Lemon Glaze Serves: 8 scones Ingredients 2 cups all-purpose flour 1 tablespoon baking powder 1/2 teaspoon salt 2 tablespoons sugar 5 tablespoons unsalted butter, cold, cut in chunks 1 cup heavy cream, plus more for brushing the scones 1...

You may have some interesting points in there, but I can't respond to that. If you can't organize what you want to say, I don't feel any obligation to do it for you. Don't mean to sound like a bitch, but part of the reason spelling/grammar count is because it shows you care enough to make...

I actually don't think you've made a huge new point here, but of course I can't disagree re: price discovery and the auction mechanism. And I don't think you can actually elect for an order to be "flashable", so there's no benefit to the broker. It's part of the exchange matching process. But...

^^^ I agree with the majority of that. I don't know every exchange's mechanics, and haven't traded equity options in a while (in the late '90s I was on the CBOE floor). But even Flash orders probably get a worse rap than they deserve. The implementations I know of simply offer a select...

Right. The last 225+ years were just an anomaly. In the old days everyone got a fair shake. If you know that little why would you even post?

TT's X-Trader Pro, which is pretty much a laughable piece of technology, is seen by many in retail as "big time". It's ~ $1800/mo. You're saying I can pay a vendor $1800/mo for online poker technology? Bullshit. Like I said, you may be quite knowledgeable, but if you are, you know you...

There isn't slower or faster info, or at least not any more than there ever was. Guys in the pit had info before anyone else, guys with DMA connections get it faster than vendored/coalesced. Guys with vendor feeds get it faster than people who hit refresh on a 15-min delayed web chart. There...

I haven't played in a while, but wasn't that always the case officially? The only way they can catch it is speed of decisions, IP tracking, simultaneous games, etc. I don't think it would be that hard to pull off (but I say that from 100% lack of experience).

No, I was responding to something specific: an assertion that the technology available was comparable. It's not, if for no other reasons than the players in one have budgets that make the others look like rounding error.

You may be a profitable online player and even very knowledgeable, but that statement isn't even close to true. Like, you're probably off by 5-6 orders of magnitude. Context: what's the most any poker player has made in a career? Probably $10-25mm or so? Jim Simons has had several years...

That's actually an interesting question, but it comes down to this: while it's easy to think of "the market" as a single entity, it's not; anyone could apply to open an exchange. It's a private business like any other (though the regulation is obviously industry-specific). Think of it like...

Now that I've read the commentary you posted, I'm wowed anew by your inability to read and comprehend the views of others. One of the first posts I made earlier in the thread named the lack of liquidity providing requirements as an issue very important re: 5/6/10, as the market clearly had...

"This thread you created"... you seem to say things like that a lot. You do realize success in the markets is measured in buying power of some sort, right? Not posts/views on ET? 777: You, and the people who pay attention to you (though I wonder if they exist), get what they deserve. Your...

Taped across the top of my main monitor on the desk: "Your code sucks."

I don't think I can agree with this in practice. I understand what you're saying, but I consistently find a specific type of knowledge I can only get from watching a system calculate and operate in real-time; there are things I didn't notice, forgot to add, etc. It's the only way I know of to...

1. If you have a mouse in your hand, you are TOO SLOW. Learn to deal with it, it's not changing. 2. NO exchange will allow for participants to aggress / take liquidity ahead of another order that does so first. 3. NO exchange will allow ANY participant to "pull their order" when a...