“No one on the planet operates that way, and no one should operate that way,” he said in an interview, adding that he sees “very limited value” in the use of humans on the trading floor.NYSE shot back and reminded everybody that BATS couldn’t even trade their own IPO:“As BATS experienced with its IPO, relying exclusively on technology for opening stocks and IPOs can have disastrous consequences,” she said, referring to BATS’ decision to cancel its IPO in 2012 because of a glitch in its trading system.”So what do we do now? We’re really not sure. We’ve already tried the “Grand Bargain” but that seems to be a bust now since so many dark pools are being fined by the SEC. We doubt the regulators are going to help much since, to borrow a phrase from Bloomberg’s Mike Regan, they are more akin to “mall cops on Segways trying to chase after high speed Maserati’s”. We wish we could offer an alternative but our short-term, for-profit model leads us to support the status quo.In the meantime, try not to enter any market orders and be sure to file that clearly erroneous trade report within 30 minutes of the next liquidity event.Sincerely,The Stock Exchanges
Parisian Family Office, CEO. Began Wall Street, 1982. Founded investment firm, CHIPPEWA PARTNERS, Native American Advisors. Active Trader. White Earth Chippewa Tribal member. Was NYSE/FINRA arb. Conservative, raised on Great Plains reservations. Pureblood, clot-shot free. In a world elevated on a dopamine binge, this is his take! Written from MT Ghost Ranch on the Yellowstone River, TN farm Pamelot or San Jose del Cabo, Mexico, CASA TULE'. Always been, will always be, an optimist.