
Quote from libertad:
A total remake of the direct access electronic exchange is warranted....
This means ....
defragmentation
no internal matching
no black pools
first come first served
nominal name transfer rates....ie 20 cents /100 units
non-gameable
What is clear in this case is that there would have to be a clear trail of "above average order volume" easily accessible by the SEC....which could be viewed with respect to media announcements....
It is clear that the SEC just looks the other way....
Information should be wiki style format .....accessible to all at the same time.....
In the GS case....this was a matter of coordinated media announcements....
This means that securities media should be monitored/regulated....
GS clients are smart....early news.....first for the best offerings regarding stocks, bonds....
"Real SMART"....
SMARTER THAN ALL THEIR PEERS......
FO....