Is this chappy trying to say that it's not necessarily a good thing if trades that risk bigger sums of money than some of the parties can survive can be executed before those parties have been able to think about what they're doing?
If so, I'm inclined to agree with him.
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Reply to: NYSE head: speed isn't always good
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Previously on "NYSE head: speed isn't always good"
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Originally posted by MyUserName View PostThe trading systems I have worked on have all had limits on the transactions (per counter party, per trader, per location etc.).
This type of problem already has a standard solution. Knights Capital were negligent to not have this safeguard in place and paid the price (literally).
Am I missing something?
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The trading systems I have worked on have all had limits on the transactions (per counter party, per trader, per location etc.).
This type of problem already has a standard solution. Knights Capital were negligent to not have this safeguard in place and paid the price (literally).
Am I missing something?
Leave a comment:
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Originally posted by EternalOptimist View Postbecause then profit becomes a function of technology.
the winner of WOW becomes the one with the fastest connection
the kid best at football is the one wearing the latest man U rooney kit
Spod - In "Making Hay while the sun shines" mode!
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Originally posted by SupremeSpod View PostHow so?
The Atlantic Telegraph Cable was used to great effect in trading in the mid to late 18th Century.
the winner of WOW becomes the one with the fastest connection
the kid best at football is the one wearing the latest man U rooney kit
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Originally posted by EternalOptimist View PostI dont know much about the ice cream market, and I dont know much about HST, but if people are making money BECAUSE of the speed, then I can see that being a big problem
The Atlantic Telegraph Cable was used to great effect in trading in the mid to late 19th Century.
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I dont know much about the ice cream market, and I dont know much about HST, but if people are making money BECAUSE of the speed, then I can see that being a big problem
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Originally posted by escapeUK View PostBut anyone who kept shares long term the last 10 years will have made pretty much nothing. MSFT, CSCO about the same, DELL less today. Banking horrible losses. Obviously there are some stars out there like Google and Apple.
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Originally posted by doodab View PostI do think something needs to be done, simply because the quest for ultra low execution times and arbitrage over a period of nanoseconds biases the market in favour of the well to do. I would work around this not by imposing a delay but by imposing a jitter on the connections to the exchanges such that any gains to be had from jiggery pokering were statistically insignificant.
Its a complete casino tbh. My gold is doing much better than any shares I ever had, tax free too.
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I do think something needs to be done, simply because the quest for ultra low execution times and arbitrage over a period of nanoseconds biases the market in favour of the well to do. I would work around this not by imposing a delay but by imposing a jitter on the connections to the exchanges such that any gains to be had from jiggery pokering were statistically insignificant.
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Originally posted by KentPhilip View PostI don't think I'd agree with that.
Tax system in US actually encourages long term share ownership with lower CGT on those (15% I think) and it was good here with Taper Relief until cretins Darling/Brown removed it. Then even bigger idiot Osborne puts CGT up to 28%.
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Originally posted by AtW View PostIf nobody put a sell order then you won't be buying.
A sell order gets 24 hour delay only after that point it can be bought.
Problem solved, even though it will put some dirty spekulants out of business.
It's a very heavy loss, but I think the society as a whole can take it.
So what you are proposing, to continue my ice cream analogy, is that if there are ice cream vans on the beach people should be allowed to buy from them, but the council should put limits on whether they are allowed to trade there.
I don't think I'd agree with that.
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