It’s been a few months now since the SEC Market Structure Proposal comment letter period officially closed but that hasn’t stopped the major exchanges from trying to convince the SEC not to g...
https://blog.themistrading.com/2023/08/nasdaq-wont-give-up-on-rebates/
We’ve written in the past about our concerns with a spot bitcoin ETF. To date, the SEC has still refused to approve a spot bitcoin ETF primarily due the lack of a “comprehensive surveillance-...
https://blog.themistrading.com/2023/06/do-we-really-need-a-2x-leveraged-bitcoin-futures-etf/
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https://blog.themistrading.com/2023/05/sitting-on-a-gold-mine-information-leakage-at-the-dtcc/
“It is the purpose of the Legion of Doom to align our infamous forces against the powers of good and defeat them, leaving us the rulers of the world.” – Lex Luthor Do you remember the Legio...
https://blog.themistrading.com/2023/03/the-legion-of-dooms-comment-letter/
We continue to think that SEC’s sub-penny tick size proposal is a bad idea because it will likely result in visible quote fragmentation and volatility, sub-penny quote-jumping, flickering quote...
https://blog.themistrading.com/2023/01/sub-penny-ticks-are-a-bad-idea/
On December 14, the SEC will vote to consider the much-anticipated new market structure rules/amendments. Here’s what we know and what we don’t know: What We Know According to the SEC’s O...
While retail PFOF gets most of the media attention, most of the major stock exchanges also offer order routing incentives in the form of rebates. These rebates often vary based on volume as well ...
https://blog.themistrading.com/2022/11/stock-exchange-incentives-and-the-two-dollar-rip/
For years, we’ve been talking about the dangers that high frequency trading has brought to the US equity market. We’re sure that sometimes we sound like a broken record, but the dangers of HF...
https://blog.themistrading.com/2022/11/the-fragility-of-hft-liquidity/
Industry lobbyists are very good at spinning words and data in a way that makes it easy for policy makers to digest. They usually know exactly which buttons to push to either defend the status qu...
https://blog.themistrading.com/2022/07/anatomy-of-a-conflicted-hft-study/
Big win for the SEC yesterday and a big loss for the major stock exchanges. We’re talking about the US Court of Appeals ruling to reject the major exchanges challenge of the SEC’s Market D...
https://blog.themistrading.com/2022/05/big-loss-for-the-major-stock-exchanges/