Yeah, I hear you and I can't disagree....but wow, things are really out of control when an exchange "pins" the close and then moves the price right down to where it should have been before the close.
Terry Duffy and the CME officials can go F-themselves in their luxurious Chicago mansions.
To me, the CME is a big, sophisticated arcade.....with :
1) exhorbitant fee income
https://www.prnewswire.com/news-rel...quarter-2020-financial-results-301048839.html
The CME Group is actually one of the most profitable companies in the USA.....thanks to the fees that WE PAY.
They base their fee rates from European exchanges which do small fractions of volumes compared to the CME volumes. That's how they justify these F-ing high exchange fees. It's a ruse.
2) give preference to the order book for HFT firms which take away from our potential profitability
3) allow hedge funds and HFT's the ability to spoof and take advantage of the ES/NQ order book's limitations.
If you want to read about all of this, get this book: It tells all about a smart trader that figured out their schemes and then figured out how to beat them. Then they took his profits and forced him to stop trading. It's a heckuva story because he made $70 million before they stopped him. True story.
Bottomline is: we cannot trust this exchange.
