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Peple keep forgetting big gorilla in the room; total market capitalization is about 14- 15 trillion. The reason there are multiple exchanges, dark pools and hft is simple. Old model of MM and Specialist was unable to provide liquidity for exponentialy growing market cap. Emergence of HFT...

No, I just said that there is no Santa

At the core of capital markets is accumulation af capital in a process that would be otherwise called robbery. It is allowed because participation is voluntary and based on risk taking and greed. More efficient in this process accumulates more capital. Do not confuse capital markets with...

it was started by a philosopher and a beer drinker

So after HFT is banned we all start making money trading? Right?

I thought it is gong on for more like hundreds of years unless I missed the news that small investors were winning the trading game

One way to fix the system is central exchange where all orders would have to be actually sent to match using the same queue and similarly cancellations would have to be queued as well. That would eliminate the advantage of order internalization and certain forms of front running. It would not...

quote from the article: "The new technology, coupled with new regulations, helped erode the old model of specialists who ensured the smooth functioning of the market." They hope people already forgot how smooth it was and at what cost. I guess there were no stock market crashes either; and...

Problem is that the Fed is the economy and lost its independence by becoming part of political establishment and major supporter of political and global status quo. Here we go again; new face, "new economic" mumbo-jumbo and pseudo-economic reasoning that supports the notion that monetary...

Twitter Facebook - I do not use those. On any other venue I am often making my comments there .

Pisani is only the mouth and is saying what he has been told to say; somebody wanted him to stir this issue and it is probably this segment of financial community that misses old good days

Your ideas are very good and I would like to see free markets operating better and based on equal and transparent access for all participants. I just added few remarks in my previous post pointing out that very idealistic and "obvious" models might not work in practice as expected.

desert, sun and free money for all

Sounds like Vegas. Professionals are looking for sure thing.

This is too idealistic if not naive. Reality is that there has to be core business group with vested interest in coming to work everyday that wants to put capital and infrastructure for the markets to work. They are not going to accept same risk reward ratio with Joe Shmoe who may or may not...

What matters is the number of PCIE lanes motherboard chipset handles. Those lanes are split across actual slots and aside from some slots designated as x16 or x8 PCIE bandwidth will be shared depending on how many devices are plugged in

Separate trading logic and utility classes from API specific classes and build modular system that can plug any API in the future (or multiple API from different brokers and data providers).

Lobbyist included small cap companies themselves as well which is important factor to consider. It is more like protecting dealer premium (sales margin on car sale price) not regulating the full price. I agree that it is not quite right but impact on markets is minimal. This measure is aimed...

The point is that markets today are no different than 30 or 130 years ago in terms of underlying principle on which they operate and HFT has nothing to do with it. What is different is number of zeros in the number of total market cap stemming from human ingenuity in printing paper (now done...

like October 19 1987