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If you're going to work through IPA, I'd recommend one with a high IBU -- and even then I don't think you're going to make any money through it :D. In considering automated trading systems, you're proposing a pretty involved endeavor and probably need to do a lot more homework before asking...

MF Global was an equity B/D, in addition to being an FCM. The whole thing went down together, and my understanding is that there are clients in both camps who have yet to be made whole.

You're right, JamesL, I failed to make note of what section this was in before posting :D Apologies to all.

The vote was delayed until "at least September" (and probably forever) according to a now-defunct WSJ link I posted earlier. I was looking forward to seeing what the 1/2 second rule would do -- I don't know much about the rest of this legislation, but the 1/2 second rule would have been...

The vast majority of retail order flow is either internalized or sold to wholesalers through payment-for-order-flow deals -- search for "606 reports" for your favoite retail broker to see this in action. Unless both parties are using DMA, the odds of two retail clients trading with each...

A pity, as I'd be eager to see what a 1/2 second minimum would do, especially if there were no exemptions (excemptions being a major problem with almost all quoting rules/fees/etc. in the past -- many exchanges, and perhaps even some politicians, seem to want to give blanket exemptions to...

Vote delayed until September: http://online.wsj.com/article/BT-CO-20120706-703635.html

This is an unfortunate response to the prevalence of the wholesaler-B/D payment-for-order-flow deals that eat up virtually all retail order flow. It's unfortunate because there are real solutions to the problem, such as forcing all client orders into a competitive marketplace (e.g. an...

RIMM's situation is due to competition from the iPhone and Android. They're laying people off because, unfortunately for both the employees and management, they must. In light of that, it seems unfair to describe them as "bloat".

I'm impressed that she was able to quit her job and succeed in trading/managing money and making a career of it (definitely a rare case of success among those who try), but I don't find those returns very impressive, as she raised a lot of money, too, during that period -- sounds like she took...

This thread has degenerated into a mud fight full of over-generalized statements. Some strategies are very simple and therefore would be very easy to pirate, if ostensibly profitable. However, there probably aren't many such strategies left, given the level of stat arb carried out by...

It's been quite a while since I worked with SQL, but I can imagine SQL queries for something like this would end up being very ugly, not to mention inefficient. (I only briefly attempted to use SQL for this myself, before giving up for reasons of efficiency.) Some firms are using "time...

The "unlevel playing field" (of some being able to enter orders that others cannot) is more a function of broker/dealer internalization and PFOF deals with wholesalers, than it is of HFT. Not to say that HFT couldn't use some fixing as well (e.g. by eliminating quote stuffing)...

Ultimately, I think we're all on the same team here and can agree that internalization and back-door payment-for-order-flow deals are bad for us and the rest of the market, aside from benefitting the broker who has captive order flow from the client. So if you're the type who is inclined...

That is a proposition the correctness of which, given that you're a mortal human being constrained to the real world, you cannot possibly know. Would anyone who works for RenTech care to comment on this? :D

I had no choice -- it was in an IRA account that offers no DMA. And most other retail (non-trader) accounts have little to no choice in the matter. It's easy to see in the 606 reports for Ameritrade, E-Trade, Fidelity, etc. [/B] I never even remotely suggested I was in favor of putting...

Execution size is now tiny on most dark pools, in striking contrast to their original intention. Moreover, as the pipeline scandal proved, no customer can really know what's going on in a dark pool. Institutions can be muppets, too. [B] Undirected retail orders placed through the online...

There are major client costs to internalization and PFOF. I've seen the BBO completely cross my orders when they've been sent to internal routes, and missed major moves in those securities which would have been in my favor. So execution quality can be absolute garbage, and there's no recourse...

I hope you're right, yet they had Knight at the hearings promoting various policies that would favor them, and Knight is one of the largest payment-for-order-flow firms out there. (Payment-for-order-flow is where much, if not most, of the sub-pennying activity comes from.) I think market...

And yet the IB 606 report contains the following: