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IEX Records Its Highest Volume Day Yet
In a curious departure from convention, the Goldman-backed, HFT-evading pseudo dark pool IEX, made famous in Michael Lewis' blockbuster "Flash Boys" has decided to post daily volume stats of its operations. And whether it is due to the advertising by the iconic bookwriter, or because increasingly more brokers are switching over to IEX, it appears that new trading venue is gaining traction: according to its own reporting, on April 15, IEX recorded its highest volume day yet, recording nearly 38 million single-counted trades.
Granted the data is only available for April, but what is clear is that unlike most other trading venues which are having significant problems with boosting their volumes, for IEX, at least early on, this is not an issue.
Of course, the overall orderflow still are tiny in context, but the early trend is visible, and as more traders migrate to IEX it is almost assured that the exchange will become an increasingly more popular venue for the likes of the Schwabs of the world who suddenly, after five years, figured out that HFT is nothing but a cancer and is demanding a non-frontrunnable venue.
The other statistics reported by IEX are as follows:
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That is because we had to price SPX 2000 by SEP into everything. Took some adjusting but now that we have rebalanced and trimmed the fat we can really get some legs on the upside.
FYI, In your bio you left out, "vacuous sycophant of Steve Liesman"
Sarcasm, if that was your intent, can only be conveyed in context. See example above.
Reading the book right now. Interesting stuff!
What's covered on pages 32 - 48, we were reading on the blogspot version of ZH 5 years ago
About page 170 is when you will get to stuff that should make your blood boil.
The recent spate of "banker suicides" have all occurred since the January sit down IEX had with it's investors ...who on any given day represent roughly 20% of the trades.
"Correlation does not equal causation."
Sure ... but as Confucius said, 'Bankers choosing "bonus augmentation" over "following investors' directions" will learn on a SHORT timeline their survival rate drops to zero.'
Still an excellently written book. Unbelievable to me what those HFT guys were able to do. Goldman actually seemed to have done some good for once though. I was surprised.
I am pretty much convinced alot of the information comes from zerohedge as most of what is in there I already knew from either zerohedge, nanex or "Dark Pools" by scott patterson. However enlightening, the tylers did the majority of the grunt work, and took the ridicule. I remember talking about this 4 or so years ago when I learned about it from zerohedge people thought I was nuts, now its "common knowledge". Another conspiracy theory comes conspiracy fact.
GOOG missed T and B getting hammered.
"the overall orderflow still are tiny in context"
Well, in a market economy perhaps, but this is the New Normal, so who knows?
Great ! .. another predator is born.
Normally you are better informed than this comment suggests.
Have you not read the book?
Normally, I am suspicious of all things the SQuid tentacles touch
http://www.bloomberg.com/news/2014-03-25/goldman-sachs-backs-up-iex-endo...
For a pittance in equity and trading volume, they are hedging their evil doing against a day of reckoning.
Give me 0.009 cents for every dime a POS has "given to charity" for appearances sake, I'd be able to BUY Goldman in a hostile takeover.
IEX allows 3 trade types. BATS has 150 ---> 99% of which are ONLY available to their HFT partners.
Is IEX run by saints? NO.
Are they morally superior to the lying sack-of-shit BATS CEO, Bill O'Brien? Oh, yes.
Gonna need more speed to run over that 38 mile ish fucking eternal zig-zag mofo!!!!!!!!!
Gonna need more speed to run over that 38 mile ish fucking eternal zig-zag mofo!!!!!!!!!
I wish IEX well, but do we think all the other exchanges just going to roll over and watch all their business defect? HFT is going to see some major changes and I would think the other exchanges are going to get with the new program before just turning in their keys. Better to reduce their take than run it to zero. Or maybe their structured to require outsized HFT profits to make it.
Goldman a step ahead, even "Sammy the bull rolled over on the Teflon?