Important, all traders read, "issues"

Holder should have cleaned up all of those penny stock bucket shops and stock promoters while he was down there in Palm Beach last week. Hope the chump froze his ass off down there.

News Flash to you Eric Holder lovers, one of his best (Eric Bustillo) jumped ship for the SEC last week. Woe unto all of you penny stock pumping pigs in S. Florida. Party time's over, kids. It's over, O-V-E-R, over.
 
Quote from NotAGruntalPig:

Holder should have cleaned up all of those penny stock bucket shops and stock promoters while he was down there in Palm Beach last week. Hope the chump froze his ass off down there.

News Flash to you Eric Holder lovers, one of his best (Eric Bustillo) jumped ship for the SEC last week. Woe unto all of you penny stock pumping pigs in S. Florida. Party time's over, kids. It's over, O-V-E-R, over.
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Careful about using the word FLASH here. People will jump all over you. lol
 
Quote from gkishot:

It's unfair to those who don't have 25K of cash.
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I think it's a great rule (not). let's make it for futures and forex trading too.
isn't that what we call a fair level playing field!
 
Quote from cactus_trader:

good stuff. Isnt Goldman Sachs involved in a lawsuit with sub penny ? jumping in before us ? any update on that case?


on another note
Don, is Sigma X still being used by your traders ?
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Some use SigmaX yes. At additional fees to GS.

Don
 
Quote from flytiger:

You guys are so, so late. I told you years ago, if you didn't stand up for what 's right, you all will lose everything. We're in for a nasty correction, and who will be blamed. You.

Look at the news flow today. Cookie Lady Roemer lamenting bank bonuses. SAC is in the news daily. Frank Rich is in the NYT today. It's all aimed at Wall St. You and I both know the little guy is the victim like the flyover folks. But it doesn't matter. It's all about perception. And "trading" doesn't produce clean energy. To an outsider, it's nothing but figuring out how not to work. It serves no purpose. I don't think it exists in it's present form for much longer. I would suggest you look here:

http://kaufman.senate.gov/press/in_the_news/news/?id=09ee31e4-5056-9502-5d50-2242f987d875

Then, find the speech Eric Holder gave in West Palm Beach Florida, I believe Thursday.

Don, you're a smart guy. An honest guy I believe. But you sat on your haunches too, too long. This one is going to cost you a lot of money. The populists are coming, and Wall st. has no friends at all. And it just is going to get worse, and worse. Too bad. But it has to happen. When the Street gets fat and happy, they just get arrogant and steal more. You guys know it, and I know it. The Feds know it too. And the politicians. The resignation of that joke Dodd is a big blow to the blow crowd. Just another sign. You dont' have to be Tonto to read the signs. They are everywhere.

To you morons who voted for Obama, you earned this. It was going to be bad no matter what. But a College Professor, Marxist, Chicago Machine Politician? Good Grief.
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You may very well be right about waiting too long, but I was pretty sure that the "tax" would just go away, and it did take a while for the HFT to actually make our radar.

As I just explained to the WSJ today, "If you the think Main Street hates Wall Street now, wait until all the trading is done by a handful of brokerages and banks."

I'm not an alarmist by nature, and hopefully a continual nudge by people like you and others who understand the industry will help in the long run.

Don
 
yeah, obv, transaction tax more important than all other things, but the sub-pennying is an unfair playing field.

anyhow, don, thanks for doing the right thing...
 
Quote from Moc Yeah:

Thank you. EXACTLY my point... I just use the tools that are available to me and get paid to do it. I might pay a little more than others...and they might not like that I make more money than them for trading in and out of the same stock thousands of times per day just to trade to be flat or make less than a penny on that stock. But i'm SURE they would do it if they knew how to. (just like the people did before I knew about it)

If an exchange offers a benefit...and gives traders the ability to be at the front of the line on every trade (in order to increase market share for their business), then i'd be an idiot not to take advantage of it.
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Like I said... We are providing a service to the market. 82 rountrips in Citi so far and i still have 3 hours to go with a net of .007 (not including rebates). And this is AFTER Prince 'I-Owna Lotta Crapa" d-Weed comes out and says that the worst is behind this company. Without us hi-freq guys providing liquidity, way back 12 months ago...this thing would have opened at 4.50, traded to 5.25 (where mom and pop would have bought it on e-trade), and then sold off to about $4 at the close. Volatility at an 18 month low...and market slowly going up with bid support.

I would rather have you say thank you... than to complain about what you think i'm entitled to! (my best Jack Nicholson. lol)
 
Hi guys, thanks for the input, both positive and negative. I'm not against any particular type of trading, I just get a bit protective of my traders when they all pay the same Exchange fees, license fees etc. as everyone else...and then are told they cannot do something. We have resolved issues similar to these over the years by "barking" to GS a little bit, and are hoping to see something similar going forward.

Regarding Dennis, he is a consistently profitable trader, and has done very well for years. I think if you met and spoke with him, you would appreciate his efforts.

Don
 
Thanks, Don, for bringing this up! These issues deserve a lot more light than they've gotten. As I said before, the impact of flash orders, while bad, pales in comparison to this.

I think that the word that should be emphasized here is "internalization". That this practice threatens independent traders is obvious; but it's also a monumental threat to efficient markets in the US, in general. Internalization is essentially a hidden fee on the ultimate end-clients of internalizing B/D's. (These "end-clients" also include the tens of millions of 401K'ers in mutual funds, by the way.)

If the current trend continues ad nauseam (which hopefully it won't), then we'll hit a point at which all client orders are internalized by the client's B/D, with the large B/D's trading on exclusive, private dark pools to balance out their positions. Result? No NBBO at all, which makes internalization even more attractive. What's the "best price" on something when there is no price? Anything at all. So the B/D would be able to give any price whatsoever to the client and still declare it "price improvement".
 
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