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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

#481

Post by mayhemducks »

dylan604 wrote: post #207
mayhemducks wrote: post #175

Earlier quoted context omitted.

Hahahahahahahahhahaaaaaa hahahaaaaahaaah hahhahaaaa!!!!!

I'm assuming you interpreted they as ERCOT with that response

The people who live in Texas are completely and utterly shocked every time the temperature goes below 40F. Even though there is some kind of "winter" weather almost every winter, none of the houses or commercial buildings have insulation on any of the pipes. A lot of high traffic roadways are elevated and banked making them completely unusable if someone so much as spills a coffee on them, let alone having ice or even just rain on them. "Winterizing" is just not a thing. It is always deemed too expensive. Then disaster strikes, everyone freaks out, then forgets about it in a few months because the temp in the summers stays well north of 100F for weeks at a time. OF COURSE they haven't learned. It goes against human nature to think more than a few months ahead when the state "rainy day fund" is at stake.

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

#482

Post by resters »

UltraSane wrote: post #475
Karrot_Kream wrote: post #469

Earlier quoted context omitted.

And you keep incessantly posting about the moral evils of speculation which is only tangentially related to the Texas Stock Exchange. I guess morality policing makes your comments better?

HFT is not the same thing as speculation.

Which moral doctrines/strictures do you think it violates?

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

#483

Post by hn_acc1 »

Fade_Dance wrote: post #366
hn_acc1 wrote: post #333

Earlier quoted context omitted.

I gotta say.. I'm way out of my depth on that one. As a guy who's mostly put some 401K $$ into index funds, and has the odd RSU/ESPP stock to sell - will any of these be an issue when I sell some of them later? I've only sold ESPP stock via "at this price" when I had a large enough number, and "at market" when not - but it's been in the hundreds of shares at most. May have a few thousand shares of my current employer…

Yes, it may! Assuming you are talking about at least a mid five figure position in a non MAG7 class sized stock, if you post the order directly to an exchange, that's enough to shuffle around the level 2 order book (obviously not in your favor). By doing so you have completely identified yourself as non- informed, slow human flow. Ex: if you are looking to sell, it's blindingly obvious that the next likely move from…

Thanks. It sounds you are talking about mostly market-rate sell orders? I tend to use limit type orders to sell at a price I'm happy with. Usually right near what the stock is currently hovering around. I.e. if it's hovering between $50 and $51, I'll put in a limit order for $50.85 and hopefully get someone to take it. Sure, I might have been able to get $50.95, but I might have also gotten $50.25 with a market-rate order. Am I doing it wrong?

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

#485

Post by UltraSane »

okhobb wrote: post #479
UltraSane wrote: post #476

Earlier quoted context omitted.

About the only good justification you have is HFT increases liquidity but that is not good enough for all the wealth HFT extracts from the market.

Wait until you hear about how much wealth Salomon Bros extracted from the market.

Finance is full of parasites. HFT firms are just some of them.

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

#486

Post by drob518 »

UltraSane wrote: post #465
drob518 wrote: post #441

Earlier quoted context omitted.

The only non-arbitrary boundary is the one set by physics. Everything else is arbitrary. There are ways to greatly reduce front-running of orders, but that actually is an orthogonal issue to HFT and microstructure level trading.

Limiting trading to human reaction times is much less arbitrary than what we are doing now.

Seems like an arbitrary comment.

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

#487

Post by hunterpayne »

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,…

Lecturing people on basic US civics doesn't really prove anything.

Lifting prohibitions on nuclear power and nuclear research would qualify I think. That took me about 5 seconds to come up with.

Your side is losing, so you attack, attack, attack. But all you are doing is driving reasonable people away. Your hyperbolic rhetoric is literally getting people killed. And you lie about the victims to justify that violence.

There is some truth for you...

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

#488

Post by Razengan »

Karrot_Kream wrote: post #470
Razengan wrote: post #422

Earlier quoted context omitted.

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…

> 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. Lol now apply this to medicine, surgery, physics, and computation next. You're using a "tree" to store data? Explain that in 2-3 sentences.

heh I thought of that while writing the comment, but I think I covered it with "something that's purely invented by humans" which finance definitely is, unlike medicine, surgery, physics, and to a lesser degree, computing.

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

#489

Post by toss1 »

hunterpayne wrote: post #487
toss1 wrote: post #372

Earlier quoted context omitted.

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,…

Lecturing people on basic US civics doesn't really prove anything. Lifting prohibitions on nuclear power and nuclear research would qualify I think. That took me about 5 seconds to come up with. Your side is losing, so you attack, attack, attack. But all you are doing is driving reasonable people away. Your hyperbolic rhetoric is literally getting people killed. And you lie about the victims to justify that violence.…

>>Lifting prohibitions on nuclear power and nuclear research

The first thing coming up when I search that phrase is literally everyone but the current administration doing so: 1) World Bank, 2) Denmark, 3) Illinois Gov Pritzger (Dem), 4,5,6,+) Asian Bank. So, perhaps the administration has also reduced regulations in this area, but this is not an economic freedom that reduces concentration of power, particularly as this administration requires a vig to play in every area it can.

As to the rest of the allegations, they are vague, broad-brush, hyperbolic and entirely devoid of any actual examples. No truth at all, or only the kind of "truth" found on Truth Social.

But you do follow well Goebbels' instruction to accuse the enemy of that which you are guilty

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

#490

Post by zahlman »

chronic74939 wrote: post #445
smallmancontrov wrote: post #328

Earlier quoted context omitted.

Didn't HFT compete itself out of outsized profitability years ago? So now we get instant super liquidity for pennies?

> Didn't HFT compete itself out of outsized profitability years ago? No > So now we get instant super liquidity for pennies? Not pennies yet. Still dime and quarter range.

Last I checked, the spread on SPY is on the order of <1 basis point.
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