Themis Trading Blog

Order Type Disclosure

30

Jul, 2014

disclosure

We keep hearing that there needs to be more disclosure in the equity markets.  While we still haven’t seen much disclosure when it comes to order routing and dark pools (other than a few Form ATS reports), the exchanges have started to disclose more information about their inner workings.  In the past week, there have been two filings, one by Direct Edge and one by Nasdaq, which shed some light on their order types and the type of data that is used when processing orders.

Direct Edge filed a 114 page document with…
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CLS Blue Sky Blog: The Shrine of the Status Quo?

22

Jul, 2014

bluesky

 

“A clear and present danger exists that profit-seeking exchanges (and other trading venues) can be bribed to favor one group of traders over others.”

 

“In the field of market regulation, the SEC’s staff tends to worship at the Shrine of the Status Quo.”

 

“How did high frequency traders secure the loyalty of the dark pools?  Was it just the fees paid to the dark pool for co-location and private data feeds?  Or were there other side payments?”

 

“When one turns over a large rock in a field,…
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Major

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