SEC BANS 'Naked Access"

[intradaybill]

Actually nothing changes under normal conditions except that the brokers will take a cut of the profits of HFT firms by offering collocated risk managament. The next flash crash will come from a hole in a broker's risk control system. Of course, the possibility that some fund clerk does it on purpose for whatever reason is now zero and this is a big benefit of the change.

 

[ASusilovic]

Quote from Drock409:

i agree with you bob

for someone who has been trading for 11 yrs and on avg does about 5 mil shares a month...i find it harder and harder to get block fills....if ther are 5 ecns all showing 4000 , 4000, 4000 etc and i try to smack the bid ..i may get 1000 lot and everyone cancels


its an absolute joke
i now add about 30-40% of my liquidity..better for me..but im missing a boatload of fills, and lots more opportunity

its caused me to change the way i get in and out of stuff but its a complete joke


there are times i cant even get size fills in the spys without chasing it for a penny or 2...its crazy

Did you ever try to get rid of 100.000 SPY´s in a millisecond between 12 a.m. and 1 p.m. Eastern Time ? You should do so - it´s fun to see the reaction in ES futures.....