Themis Trading Blog

Beware of Those Offering Free Retail Trades

25

Nov, 2014

robin2

We are always suspicious when somebody offers us something for free.  Usually, the one offering the free service has other ways of making money.  For example, Google offers lots of free services like Gmail, Google Maps or Youtube. While the services are free, Google is still making money by targeting ads and selling data.

The latest free thing which is creating quite a buzz (the hot term for this is ”disrupting”) is free retail trading by a company called Robinhood.

What is Robinhood?  According to an article in the Irish Times yesterday:

“Founded by Stanford mathematics graduate
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Reg SCI Does Not Go Far Enough

20

Nov, 2014

inspect

After a long wait, the SEC adopted a new rule yesterday known as Reg SCI.  Reg SCI which stands for Regulation Systems Compliance and Integrity states:

“Under Regulation SCI, self-regulatory organizations, certain alternative trading systems (ATSs), plan processors, and certain exempt clearing agencies will be required to have comprehensive policies and procedures in place for their technological systems.  The rules also provide a framework for these entities to, among other things, take appropriate corrective action when systems issues occur; provide notifications and reports to the SEC regarding systems problems and systems changes; inform members and
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Instinet I-Only, Equal Acess, Bloomberg Tradebook, and IEX’s TOPS Feed

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Be Wary of The Data

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Nov, 2014



If I Don’t Do It, Somebody Else Will; HFT in Advertising

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Quote Stuffing The Gateway – How Exchanges Are Profiting From Manipulative Acts

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Do We Have Good Data? Elementary – Guest Post R.T. Leuchtkafer

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“SIP Crash – The Sequel”

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MadBum Patterson Mows Down Critics and Sets Stage for Examination of Self- Regulation in Liquidity Pools

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US Taxpayers Pay For SEC to Arrange Early Release of Data to High Speed Trading Firms

29

Oct, 2014



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