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Domain: batstrading.com

Stories and comments across the archive that link to batstrading.com.

Comments · 10

  1. Re:I call bull***t by smellotron · · Score: 2 · on High-Frequency Traders Use 50-Year-Old Wireless Tech
    For anyone who doesn't have a login for ft.com, you can view the google cache (High Frequency Trading Under Scrutiny). The specific practice dubbed "flash orders" is not described in further detail, but here is a timeline of the relevant press releases:

    So yeah, the particular article you linked is abso-darned-lutely correct about flash orders. But it's wayyy out of date. If you read through the various exchanges' discussions and comments, there's some very interesting back-and-forth going on:

    • DirectEdge accuses NYSE of being anti-competitive: NYSE did not implement flash order types, and it was expected that these orders would shift liquidity to NASDAQ/BATS/DirectEdge. All exchanges acted in their own self-interest here, because NYSE is the figurative gorilla in the room.
    • BATS implements "me too" functionality to keep in competition with NASDAQ, but is very quick to distance itself from the controversy.
    • Several exchanges highlight the (historically) new trend of liquidity moving into dark pools, and the risk which that poses to price formation in the normal exchanges. Hey, looks like they were right!
    • Everyone releases news in lock-step. It's like a big game of chicken, nobody wants to publish early because it just gives "ammo" to the others.
  2. Re:I call bull***t by smellotron · · Score: 2 · on High-Frequency Traders Use 50-Year-Old Wireless Tech
    For anyone who doesn't have a login for ft.com, you can view the google cache (High Frequency Trading Under Scrutiny). The specific practice dubbed "flash orders" is not described in further detail, but here is a timeline of the relevant press releases:

    So yeah, the particular article you linked is abso-darned-lutely correct about flash orders. But it's wayyy out of date. If you read through the various exchanges' discussions and comments, there's some very interesting back-and-forth going on:

    • DirectEdge accuses NYSE of being anti-competitive: NYSE did not implement flash order types, and it was expected that these orders would shift liquidity to NASDAQ/BATS/DirectEdge. All exchanges acted in their own self-interest here, because NYSE is the figurative gorilla in the room.
    • BATS implements "me too" functionality to keep in competition with NASDAQ, but is very quick to distance itself from the controversy.
    • Several exchanges highlight the (historically) new trend of liquidity moving into dark pools, and the risk which that poses to price formation in the normal exchanges. Hey, looks like they were right!
    • Everyone releases news in lock-step. It's like a big game of chicken, nobody wants to publish early because it just gives "ammo" to the others.
  3. Re:I call bull***t by smellotron · · Score: 2 · on High-Frequency Traders Use 50-Year-Old Wireless Tech
    For anyone who doesn't have a login for ft.com, you can view the google cache (High Frequency Trading Under Scrutiny). The specific practice dubbed "flash orders" is not described in further detail, but here is a timeline of the relevant press releases:

    So yeah, the particular article you linked is abso-darned-lutely correct about flash orders. But it's wayyy out of date. If you read through the various exchanges' discussions and comments, there's some very interesting back-and-forth going on:

    • DirectEdge accuses NYSE of being anti-competitive: NYSE did not implement flash order types, and it was expected that these orders would shift liquidity to NASDAQ/BATS/DirectEdge. All exchanges acted in their own self-interest here, because NYSE is the figurative gorilla in the room.
    • BATS implements "me too" functionality to keep in competition with NASDAQ, but is very quick to distance itself from the controversy.
    • Several exchanges highlight the (historically) new trend of liquidity moving into dark pools, and the risk which that poses to price formation in the normal exchanges. Hey, looks like they were right!
    • Everyone releases news in lock-step. It's like a big game of chicken, nobody wants to publish early because it just gives "ammo" to the others.
  4. Re:I call bull***t by smellotron · · Score: 2 · on High-Frequency Traders Use 50-Year-Old Wireless Tech
    For anyone who doesn't have a login for ft.com, you can view the google cache (High Frequency Trading Under Scrutiny). The specific practice dubbed "flash orders" is not described in further detail, but here is a timeline of the relevant press releases:

    So yeah, the particular article you linked is abso-darned-lutely correct about flash orders. But it's wayyy out of date. If you read through the various exchanges' discussions and comments, there's some very interesting back-and-forth going on:

    • DirectEdge accuses NYSE of being anti-competitive: NYSE did not implement flash order types, and it was expected that these orders would shift liquidity to NASDAQ/BATS/DirectEdge. All exchanges acted in their own self-interest here, because NYSE is the figurative gorilla in the room.
    • BATS implements "me too" functionality to keep in competition with NASDAQ, but is very quick to distance itself from the controversy.
    • Several exchanges highlight the (historically) new trend of liquidity moving into dark pools, and the risk which that poses to price formation in the normal exchanges. Hey, looks like they were right!
    • Everyone releases news in lock-step. It's like a big game of chicken, nobody wants to publish early because it just gives "ammo" to the others.
  5. Re:I call bull***t by smellotron · · Score: 2 · on High-Frequency Traders Use 50-Year-Old Wireless Tech
    For anyone who doesn't have a login for ft.com, you can view the google cache (High Frequency Trading Under Scrutiny). The specific practice dubbed "flash orders" is not described in further detail, but here is a timeline of the relevant press releases:

    So yeah, the particular article you linked is abso-darned-lutely correct about flash orders. But it's wayyy out of date. If you read through the various exchanges' discussions and comments, there's some very interesting back-and-forth going on:

    • DirectEdge accuses NYSE of being anti-competitive: NYSE did not implement flash order types, and it was expected that these orders would shift liquidity to NASDAQ/BATS/DirectEdge. All exchanges acted in their own self-interest here, because NYSE is the figurative gorilla in the room.
    • BATS implements "me too" functionality to keep in competition with NASDAQ, but is very quick to distance itself from the controversy.
    • Several exchanges highlight the (historically) new trend of liquidity moving into dark pools, and the risk which that poses to price formation in the normal exchanges. Hey, looks like they were right!
    • Everyone releases news in lock-step. It's like a big game of chicken, nobody wants to publish early because it just gives "ammo" to the others.
  6. Re:Where are the mid-American datacenters by smellotron · · Score: 1 · on New York Data Centers Battle Floods, Utility Outages

    Why aren't there more datacenters in Kansas, Nebraska, North Dakota, etc.?

    There are datacenters in the Chicago area, particularly for futures. Between these facilities and New York, the latest latency race is microwave relay towers. Any new stock exchange which decides to pop up and locate themselves in the Midwest has to fight the network effect to become relevant. In the long run (assuming they become popular enough to attract liquidity), they would only end up creating an additional opportunity for latency arbitrage in a big triangle between Chicago and New York. Overall, there is a lot of risk and very little value in starting up a new exchange in a brand-new location.

    OTOH, some of the existing exchanges do have off-site datacenters for disaster recovery. BATS's connectivity manual (PDF PDF DANGER WILL ROBINSON) lists three locations on p.14. With some digging you can probably find more for the other exchanges. Because the 2-day closure of the stock exchange appears to be a coordinated effort by the SEC, there was little incentive on Monday to actually use a disaster recover site. If a primary datacenter had serious problems during a normal trading day I bet any of the exchanges would fail over pretty quickly.

  7. Re:it's too fast by Anonymous Coward · · Score: 0 · on More Warnings About High-Frequency Trading

    Tell me who supports flash orders. If you say Direct Edge based on Wikipedia, what do you think about http://articles.businessinsider.com/2011-02-28/wall_street/29993291_1_cpi-direct-edge-orders ? CPI is still mentioned in the EDGX fix spec so maybe you can still opt in (but I don't think many people do). If nothing else, EDGA and EDGX combined are under 10% of the consolidated volume (see http://batstrading.com/market_summary/ ). So come on: even if Edge still supports flash orders and 100% of the flow there makes use of CPI, HFTs can't be the majority of the total market volume and make all their money ripping people off with flash orders. So again, who do you think is sending all these flash trades? And from where? You need to back this up.

  8. Re:Boo hoo! by smellotron · · Score: 1 · on Swiss Bank Threatens to Sue NASDAQ Over Facebook IPO

    Somewhere in there is a simple and highly robust protocol struggling to get out.

    Yeah, they call it OUCH. FIX is the "enterprise" solution, in that it requires an enterprise architect to craft the specification and it is still vague enough that some of the exchanges end up including errata in their own client specifications (section 5.4).

  9. Re:Where is wikileaks when you need them by smellotron · · Score: 1 · on Ex-Goldman Sachs Programmer Found Guilty

    ...a loophole in regulations allows marketplaces like Nasdaq to show traders some orders ahead of everyone else in exchange for a fee.

    It should please you to know that NASDAQ disabled Flash orders in their markets, and BATS encouraged the SEC to disallow flash orders long ago. I don't know whether the SEC has actually done any rules-lawyering on the issue, but both BATS and NASDAQ voluntarily shut this down over a year ago.

  10. Re:Since when is Ebay a stock exchange? by alexmin · · Score: 2, Informative · on Transmeta Up For Sale

    Nothing wrong, except one you mentioned does not exist anymore, another is merged with Euronext and renamed itself and new market places popping up and taking double digit volume percentages. Three markets are thing of past long gone so your initial statement is very far from reality. But otherwise I agree, nothing is wrong with stock markets per se.