Bright Trading's new payout model

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Bring back the NYSE specialists.
I'm sick of this HFT, quote stuffing, sub-pennying, front running BS!!!

Oh, yeah, & while they're at it, bring back the up-tick rule too.

Serious. Sick of this ripoff shit from all these 1000's of leeches.

At least the specialists used a 2x4 to knock you on the head like the mafia.

These new electronic scammers try to knock you out using needles, smoke & mirrors.
 
Quote from risktaker:

Bring back the NYSE specialists.
I'm sick of this HFT, quote stuffing, sub-pennying, front running BS!!!

Oh, yeah, & while they're at it, bring back the up-tick rule too.

Serious. Sick of this ripoff shit from all these 1000's of leeches.

At least the specialists used a 2x4 to knock you on the head like the mafia.

These new electronic scammers try to knock you out using needles, smoke & mirrors.
More...
LMAO... BEST Post of the Day... :D ...
 
I gotta stick with the Pro boxing analogy, or now, we could go to drag racing, one of my favorites to watch. If you're making money racing funny cars, the top fuel guys can't run in your bracket. Yes, we could buy a top fuel car, but then that is a different world... we, as traders are in this world.

If all HFT were fighting each other, great, I have no problem...I guess I should stop saying HFT, that's not the real problem, it's more the structure and the sub-penny increments.

As I said, it will be interesting to see how this pans out... in the meantime, our job here is to help our traders make money.

Back later...

Don
 
Quote from risktaker:

Bring back the NYSE specialists.
I'm sick of this HFT, quote stuffing, sub-pennying, front running BS!!!

Oh, yeah, & while they're at it, bring back the up-tick rule too.

Serious. Sick of this ripoff shit from all these 1000's of leeches.

At least the specialists used a 2x4 to knock you on the head like the mafia.

These new electronic scammers try to knock you out using needles, smoke & mirrors.
More...

LOL, yes...back in the day that's what we computerized options traders were accused of too. Having an unfair disadvantage over everyone else.

Guess what...we did....I would get up at 2AM, plug in a telephone to a cradle, and dial up at 300 baud to Blair Hull's mainframe to run all the "sheets" from all the options exchanges....the print outs (on heat sensitive paper, LOL) would have to bs cut by hand by stock....

These sheets would give us our edge...theoretical values of options, spreads etc. using Black Sholes modified formulas...we would be able move prices around based on these pricing models, deltas, gammas, betas, all the greek stuff....and yes, WE had an Edge......

BUT we all traded in the same denominations and currency. We were faster, and better informed...but others could, for a price, buy all the stuff we had to compete with us (and everyond did eventually)...but we still traded the same exchanges, same times, same increments.

Don:)
 
Quote from Don Bright:

LOL, yes...back in the day that's what we computerized options traders were accused of too. Having an unfair disadvantage over everyone else.

Guess what...we did....I would get up at 2AM, plug in a telephone to a cradle, and dial up at 300 baud to Blair Hull's mainframe to run all the "sheets" from all the options exchanges....the print outs (on heat sensitive paper, LOL) would have to bs cut by hand by stock....

These sheets would give us our edge...theoretical values of options, spreads etc. using Black Sholes modified formulas...we would be able move prices around based on these pricing models, deltas, gammas, betas, all the greek stuff....and yes, WE had an Edge......

BUT we all traded in the same denominations and currency. We were faster, and better informed...but others could, for a price, buy all the stuff we had to compete with us (and everyond did eventually)...but we still traded the same exchanges, same times, same increments.

Don:)
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Don, just an honest question here. But wouldn't your efforts be greatly improved if you and Dennis and the whole family over there at Bright just worked on trading better instead of trying to change the system? Maybe give futures a whirl? LOL.

I think we're going to have a lot to talk about.
 
Quote from Maverick74:

Don, just an honest question here. But wouldn't your efforts be greatly improved if you and Dennis and the whole family over there at Bright just worked on trading better instead of trying to change the system? Maybe give futures a whirl? LOL.

I think we're going to have a lot to talk about.
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We always multi-task, working with our traders is top priority, and we saved them a lot of money explaining all this last year...wht to look out for etc., stop parking certain orders etc. And our Chicago manager just flew out here to talk to our people about how he is making good money every month etc.

This bit of "lobbying" has probably taken more timeo here on ET that all our other efforts combined. We know where our priorities are....and, yes, looking forward to a long lunch with you to chat.

Don
 
Quote from risktaker:

Are you two gonna be carrying some weapon?
Will there be security?
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Yes, I'll probably need to bring security with me. As a precautionary measure. Maybe we can televise the dinner on ET pay per view. Baron can charge $50 a pop. :)
 
Quote from Maverick74:

But Don, why the charade. Why is Dennis Dick going on CNBC? You were running around like a chicken with your head cut off screaming or implying that something illegal was going on and this must be stopped. The field is level. You just get the service you pay for.

Obviously eating at a fast food restaurant is not as good as eating at a 5 star restaurant. But it costs more money to eat at the 5 star restaurant. It's unfortunate that there are many in our society that don't have the funds to enjoy that luxury but as I said before, it's available, at a cost. I thought I was going crazy there for a moment. I just could not see what you and Dennis were complaining about.

And please for the love of god with that power point of yours, stop blaming the flash crash on sub penny stuff. I posted earlier my thoughts on that. The sub penny had nothing to do with the flash crash.
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The playing field has never been more level.

But do you have the will?

The problem for most of ET is the rube has been smashed, so volume and range contract, making his job tougher. Hence the perfect scapegoat in HFT. Even the professional who was loving when the VIX was making like Elton John's Rocket Man is looking askance at HFT. Now he actually has to work to earn his keep.

Specialists used to rip you for fractions. You cheered when Lehman went down. Applauded when GS became a "regular" bank. Free market, free market. Now the new edge has been sliced to a .001 "rip" and Tradeworx is the a-hole?

What else do you want? Your scam of providing "liquidity" to the dentists and chiropracters of the world to continue? Who you then "front run" while you sit in front of your computer while they're fitting a crown. And if they cant adjust because they dont have a cable modem or T-1 line or because you sit in front of a monitor 12 hrs a day while they crack backs? That's their problem you say.

Well, now it's your problem. Because...

They've been flushed. Time to adapt. This is a professional's market now. And it's about survival not maintaining the pig trough.

If you dont want to pay up then write the check, hire the Chinda talent and play whack a mole with the rest of the bots. Otherwise dont complain or make a guy like Mav head of the SEC.

Don, you're killing me in this thread. When has Wall St EVER not been about "making the chump pay up"?

HFT is just the latest evolution of that. If you dont like being the chump then pay up.

Mav and Propseeker are spot on in this thread re: May 6.

Lastly The only time I was more upset about finding about the true RIP that bullets were... is when they took em away :)
 
Let me see if I can summarize this very wordy discussion a couple sentences.

Dennis Dick and Don Bright are saying it's not fair that some traders or trading enterprises can enter sub-penny orders, but they can't. They are at an unfair competitive disadvantage because the rules apply differently to them (they aren't allowed to enter sub-penny orders).

Mav and a couple others say the playing field is level because anyone who wants to pay enough money for the right setup can enter sub-penny orders.

Does that about sum it up? What am I missing here?
 
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