Rules for electronic trading
Well presented arguments from Steven Spencer about electronic trading. To sum it up he offers three improvements which should be considered:
- Participants (mostly HFT) should not be able to see other orders then their own. If so, the trades should be live at least for one second.
- HFT should not have the opportunity to be closer to the source of exchanges and the data feed delivery should be the same in terms of timing for every participant
- Some stocks should be enabled to trade back in fractional quotes from decimals.
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