IEX WARNING: Brokers are allowed to jump ahead of your bids & offers!

J

jackpearson

Listen to the crap in this video.

If there are 3 people at the same price level in the order book, and you are #1, a broker can come along & step in front of all 3 people, including you & grab a matching order.

TOTAL GARBAGE. No other dark pool or ECN does that.

Michael Lewis wrote a whole book promoting a rigged dark pool.

Be careful if you trade on IEX and are seeing orders filled at your price level & someone else is getting your executions.

http://video.cnbc.com/gallery/?video=3000279566&play=1
 
stock777 said:
no worse then the constant internalizing is it.
More...


It IS different.

It gives an advantage to those who use internalizing brokers over those who do not.

If you put an order in thru an internalizing broker you can get executed in your place in line, or, jump ahead of everyone else & grab the execution from the first people in line.

You dont have that dual ability for executions if you use a non-internalizing broker.

That is unfair.

That is rigging it for the internalizers.
 
jackpearson said:
It IS different.

It gives an advantage to those who use internalizing brokers over those who do not.

If you put an order in thru an internalizing broker you can get executed in your place in line, or, jump ahead of everyone else & grab the execution from the first people in line.

You dont have that dual ability for executions if you use a non-internalizing broker.

That is unfair.

That is rigging it for the internalizers.
More...

So say I trade with an internalizing broker and submit a non-marketable limit order to buy at 10.00. My broker doesn't have a seller and sends my order to rest on the book at NYSE. I'm third in line at 10.00 on NYSE. After a bit, my broker receives a sell order at 10.00. They cancel my buy at NYSE and pair me up internally at 10.00. How is that different? I just skipped the queue in the exact same fashion you're describing. Am I missing something?
 
IEX wants everyone to think how they've leveled the playing field, only to allow que jumping by favored partners. And guess what, those favored partners may be HFT.

Who needs hide not slide orders when you can jump the que at any price and at any time (unlike HNS)?
 
that was the bread and butter of floor traders in the CME..





jackpearson said:
Listen to the crap in this video.

If there are 3 people at the same price level in the order book, and you are #1, a broker can come along & step in front of all 3 people, including you & grab a matching order.

TOTAL GARBAGE. No other dark pool or ECN does that.

Michael Lewis wrote a whole book promoting a rigged dark pool.

Be careful if you trade on IEX and are seeing orders filled at your price level & someone else is getting your executions.

http://video.cnbc.com/gallery/?video=3000279566&play=1
More...
 
Is that your broker or the HFT machines in the exchange?


some brokers only make money on commissions. once your order goes to the exchange well, the exchange have software that will frontrun your order.

jackpearson said:
Listen to the crap in this video.

If there are 3 people at the same price level in the order book, and you are #1, a broker can come along & step in front of all 3 people, including you & grab a matching order.

TOTAL GARBAGE. No other dark pool or ECN does that.

Michael Lewis wrote a whole book promoting a rigged dark pool.

Be careful if you trade on IEX and are seeing orders filled at your price level & someone else is getting your executions.

http://video.cnbc.com/gallery/?video=3000279566&play=1
More...
 
once your order goes the exchange, well it's the exchanges problem.
these HFT pay big bucks to frontrun orders or pay brokers money for giving them the order.


elitetrader11 said:
Is that your broker or the HFT machines in the exchange?


some brokers only make money on commissions. once your order goes to the exchange well, the exchange have software that will frontrun your order.
More...
 
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