Wall Street’s ‘Private Rooms’
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Wall Street’s ‘Private Rooms’
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Re: Wall Street’s ‘Private Rooms’
#2Historically, the "private dark room" has always been a mechanism of goofy elites.
To an extent these will always exist - but what we define as investigative journalism will likely decide whether we hear about these at all haha.
Re: Wall Street’s ‘Private Rooms’
#3Carlos Cabana, head of equity sales and trading at CastleOak, dubs the room a “diversity pool,” because the participants are all minority-operated brokerage firms. While in this instance CastleOak doesn’t know specifically who is on the other side of every trade, it knows it will be one of about 10 counterparties who meet certain eligibility criteria related to ownership and investment goals.
I am convinced that they only added this bit to make sure people would argue about skin color and ignore the implications of the rich making sure the peasants aren't allowed to play the same game as them.
Re: Wall Street’s ‘Private Rooms’
#4[deleted]
Re: Wall Street’s ‘Private Rooms’
#5I've been wading through terabytes of financial data over the past month. (I'm an ML/AI software engineer trying to create a trading bot that makes me more consistent income during times of uncertainty that are outside my control.)
This is some of the data I'm looking at. NVDA price on a particular day vs. average position of trades in bid ask spread aggregated over 10 seconds, on all the exchanges it is being traded on. When it is close to 1, it is trading at close to the NBBO ask; when it is close to 0, it is trading at close to the NBBO bid.
One of the things I found is that the dark pool trades predict price action very well on a few-minute time horizon. "FINRA Alternative Display Facility" on the 2nd plot from the top is all the darkpool trades. If I had access to dark pool trade data in real time I think I could piggyback off the manipulators and make bank.
Unfortunately the SEC only requires them to report transactions within 15 minutes, not in real time.
Re: Wall Street’s ‘Private Rooms’
#6I remember reading about dark pools and asking a friend in finance if the sector really is as corrupt as it sounds, his reply? "Oh much more"
Re: Wall Street’s ‘Private Rooms’
#7I've been wading through terabytes of financial data over the past month. (I'm an ML/AI software engineer trying to create a trading bot that makes me more consistent income during times of uncertainty that are outside my control.) This is some of the data I'm looking at. NVDA price on a particular day vs. average position of trades in bid ask spread aggregated over 10 seconds, on all the exchanges it is being traded…
There might be other ways to know about the data in advance? Some kind of flaw somewhere that lets us sniff the “dark rooms”?
Re: Wall Street’s ‘Private Rooms’
#8I remember reading about dark pools and asking a friend in finance if the sector really is as corrupt as it sounds, his reply? "Oh much more"
Did he elaborate on this?
Re: Wall Street’s ‘Private Rooms’
#9I've been wading through terabytes of financial data over the past month. (I'm an ML/AI software engineer trying to create a trading bot that makes me more consistent income during times of uncertainty that are outside my control.) This is some of the data I'm looking at. NVDA price on a particular day vs. average position of trades in bid ask spread aggregated over 10 seconds, on all the exchanges it is being traded…
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Re: Wall Street’s ‘Private Rooms’
#10It is not clear to me what nefarious things people believe are going on there that we should be worried about.
All the article says is that people are doing things we don't know about, but implies that somehow we should feel not-okay about this.
I don't know what's going on in my neighbor's house either, and it could certainly be bad stuff, but that's doesn't mean that it is bad or that I should start spying on them.