Themis Trading Blog

All Yous Guys Pay Up! (Response to Larry Tabb Open Letter to Senator Levin)

19

Aug, 2014

pay up

Larry Tabb has just published an open letter to Senator Carl Levin in which he supports the practice of payment for order flow (PFOF), and urges Sen. Levin to reconsider his proposal to ban the practice.  While we at Themis are ardent readers and consumers of so much of the high quality product that Tabb Group produces in general, and what Larry produces in particular, this letter and stance disappointed us. Needless to say we disagree with Tabb, and wholeheartedly agree with Senator Levin.

Larry’s argument runs as follows:

1)      Banning payment for…
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Might As Well Jump!

15

Aug, 2014

jump

Over the last few years we all have really come to understand, or at least mostly understand, that critical to a lot of high frequency traders’ profitability is not only being very fast, but also controlling queue position, jumping queue, and controlling the NBBO – at least over very short time intervals. We’ll actually delve some more into Direct Edge’s HNS order, queue-jumping, and some brand new disclosures on that front in this coming Monday morning note.

Today we’ll delve a bit into a different kind of jumping… that done by Jump…
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The Uber Frequency Trader – Part II

13

Aug, 2014



The Uber Frequency Trader

11

Aug, 2014



IEX, Diversion Tactics, and the New Market Share HFT Math!

07

Aug, 2014



The SIP – Yogi Berra: Nobody Goes There Anymore…

05

Aug, 2014



Order Type Disclosure

30

Jul, 2014



CLS Blue Sky Blog: The Shrine of the Status Quo?

22

Jul, 2014



Major

18

Jul, 2014



Ladies and Gentlemen, May We Proudly Present to you… (Rule 11Ac1-1 – Backing Away)

17

Jul, 2014



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