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SEC approves Texas Stock Exchange, first new US integrated exchange in decades

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Re: SEC approves Texas Stock Exchange, first new US integrated exchange in decades

#421

Post by donkeybeer »

toss1 wrote: post #372
hunterpayne wrote: post #318

Earlier quoted context omitted.

Moved on from the fascist rhetoric I see.

Right, from a 24-day old account making only right wing political comments, a comment that addresses exactly zero of the points made by the initial post. And regarding ignoring fascism/authoritarianism, you need only look at the difference between fascist and democratic societies In democratic societies, the three branches of govt are independent, and the branches of civil society, press, academy, religion, business,…

Besides being stupid he also completely lacks the balls and manhood to own up to being demolished. Completely expected from this type.

I will be keeping a record of this username as a known liar and coward for any time I encounter it again.

Re: SEC approves Texas Stock Exchange, first new US integrated exchange in decades

#422

Post by Razengan »

KPGv2 wrote: post #403
UltraSane wrote: post #362

Earlier quoted context omitted.

Notice how no one actually has a good reason for why shares should be bought and sold in milliseconds?

It's exhausting to see good reasons offered and then y'all proudly failing to understand those reasons. Like, there are literally multiple comments here explaining it.

If I have a condition that is resolved by standing upside down on my head, and I invent a 100 ways to balance my body on my head and explain the reasons for each of them, it doesn't mean that standing on my head is a good or sensible thing to do. And none of them address the core problem that is the condition that requires me to stand on my head.

Look at why shares and the stock market were created in the place, and how many layers we laid on top of them and made the means the end and the purpose. If it takes you more than 2-3 sentences to explain something that's purely invented by humans it was probably silly to begin with.

Like the other day I was just watching a video about UTF-8. It spent a good chunk explaining all its various quirks and rules and workaround that all went back to how ASCII was dumb in some of its choices in the first place and now we're stuck with that forever.

Re: SEC approves Texas Stock Exchange, first new US integrated exchange in decades

#423

Post by burnt-resistor »

yanslookup wrote: post #274
OutOfHere wrote: post #131

I am guessing insider trading will be legal here.

for some. And very illegal for others.

If you have paid the campaign support subscription that includes 2 free pardons. Only $2 million/year.

Re: SEC approves Texas Stock Exchange, first new US integrated exchange in decades

#424

Post by burnt-resistor »

SoftTalker wrote: post #133
J_Shelby_J wrote: post #109

Earlier quoted context omitted.

Equinix Dallas was hours from running out of fuel during the last snowpocalypse.

Presumably they've learned from that experience.

The following 2 years, TX deployed metric shittons of solar and it was growing steadily until the very stable genius axed incentives.

https://www.gridstatus.io/live/ercot

Re: SEC approves Texas Stock Exchange, first new US integrated exchange in decades

#425

Post by burnt-resistor »

avgDev wrote: post #77
leetharris wrote: post #60

Earlier quoted context omitted.

Texas loses power one time for a week and the redditors will never let it go. Wild how this is still a cringe joke so many years later.

"There have been 263 power outages across Texas since 2019, more than any other state, each lasting an average of 160 minutes and impacting an estimated average of 172,000 Texans, according to an analysis by electricity retailer Payless Power ( https://paylesspower.com/blog/blackout-tracker/ )" Also in 2021 210 people died. This is a huge deal. This wasn't just a little outage.

Having experienced the Snowpocalypse and mini Snowpocalypse, weeks of 2019 PG&E PSPSes, and the 2000–2001 CALISO-Enron rolling blackouts, it's ridiculous for those in glass houses to throw stones.

Improper deregulation never ends well.

Re: SEC approves Texas Stock Exchange, first new US integrated exchange in decades

#426

Post by serf »

KPGv2 wrote: post #398
anonu wrote: post #351

Earlier quoted context omitted.

This is the free market speaking. If there was one exchange there would be ~no~ less latency arbitrage. But there are many... Which creates a competitive landscape and reduces fees for investors. The by product is you have many HFTs that come in to take advantage of mispricings, even if they are on sub millisecond scales. It doesn't harm the company or the investor. Its quite the opposite... Investors benefit from co…

One other aspect of HFT that is good for the general investor is that HFT injects liquidity, making it easier for a general investor to liquidate their position, which is a desirable thing for human traders. HFT does not magically make human investors engage in more or less speculative behavior. HFT is an easy thing to attack, but I've never encountered a lucid argument for why it's bad. "It's not fair that I'm not a…

the common argument against it is that it guarantees a technological arms race and by those conditions pushes the smaller groups out of the competition.

it's unfair in the same vein that the rich are always offered better loan rates than the poor. Yeah, it's obvious why that would be, but it's not fair either.

although imo pushing small-backer arbitrage out of the equation is a good thing.

Re: SEC approves Texas Stock Exchange, first new US integrated exchange in decades

#428

Post by serf »

JumpCrisscross wrote: post #411
UltraSane wrote: post #409

Earlier quoted context omitted.

Anyone who isn't involved in HFT should be in favor of rules that slow down trades to human time scales. HFT currently favors a small class of rich people.

> Anyone who isn't involved in HFT should be in favor of rules that slow down trades to human time scales What are you basing this on? I’m a former algorithmic market maker. Every plan to “slow down trades to human time scales” I’ve seen were trivially gameable. They were always proposed by a group of concerned citizens, and then jumped on by my bosses, because if the market is slowed down to pre-HFT speeds, Wall Str…

I feel like all of these points beg us to loop around and ask the question : "How does HFT provide social benefit to the world at large?"

the exchanges weren't established for the abstract sake of money, they were established to provide benefit to people.

Does HFT still do this overall, or is it for the benefit of a small in-group of elite? Why is that favorable? Because we nobodies can buy the ETF?

Re: SEC approves Texas Stock Exchange, first new US integrated exchange in decades

#429

Post by simonh »

serf wrote: post #426
KPGv2 wrote: post #398

Earlier quoted context omitted.

One other aspect of HFT that is good for the general investor is that HFT injects liquidity, making it easier for a general investor to liquidate their position, which is a desirable thing for human traders. HFT does not magically make human investors engage in more or less speculative behavior. HFT is an easy thing to attack, but I've never encountered a lucid argument for why it's bad. "It's not fair that I'm not a…

the common argument against it is that it guarantees a technological arms race and by those conditions pushes the smaller groups out of the competition. it's unfair in the same vein that the rich are always offered better loan rates than the poor. Yeah, it's obvious why that would be, but it's not fair either. although imo pushing small-backer arbitrage out of the equation is a good thing.

What HFT arbitrage does is rapidly push markets with different prices into alignment with each other. If you banned HFT but kept multiple markets, the inevitable result would be markets with bigger differences in prices for longer.

The only kind of trading that really good HFT trading pushes out is other slower less efficient arbitrage traders, but why should we want more worse arbitrage traders if the result is markets being more out of sync?

What's important economically is that traders that trade based on fundamentals can do so efficiently across multiple markets. Efficient HFT arbitrage trading helps that, it doesn't hinder it.

Re: SEC approves Texas Stock Exchange, first new US integrated exchange in decades

#430

Post by simonh »

UltraSane wrote: post #361
drob518 wrote: post #295

Earlier quoted context omitted.

So, you want everyone to trade only daily or weekly or quarterly?

The same time frames that existed when humans manually traded.

Humans do still manually trade. The existence of HFTs doesn't prevent or interfere with that, in fact it makes it easier by ensuring that prices are more likely to be converged to a consensus market price at any given millisecond.

Thinks of it like this. When I put in a trade at human speeds based on business fundamentals, I'm not looking that the millisecond by millisecond prices, I just put in a price I am willing to accept and if the market reaches that price I get execution. HFT makes that easier and more efficient across markets by ensuring prices are converged rapidly.

How do you think it makes it harder or worse? If I put in an order to buy at $x on a particular market because I think the stock is worth more than that for business reasons, what is it about the existence of HFT that is a problem for me?

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