"Unrigged?" The Bulk Of Odd Lot Trades On US Exchanges Are 1-Share-Lots!

Tyler Durden's picture




 

If the market's are not 'rigged' by HFT teasers front-running any 'real' flow that happens to take its chances on the public stock exchanges, then please - - someone explain this chart.

As Nanex shows, the massive bulk of oddlot trades on most of the major US equity markets are 1-share-lots! (the spike in the far left of the scale)

Paging Mary White - stil convinced there's no 'rigging' going on here.

Source: @NanexLLC

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Thu, 07/10/2014 - 15:18 | 4944547 order66
order66's picture

Artificial latency arbitrage fraud for the win!

Thu, 07/10/2014 - 15:19 | 4944555 Thought Processor
Thought Processor's picture

 

 

The cheapest way to rig prices is to trade in one share lots.

 

We are nearing the end game methinks.

Thu, 07/10/2014 - 15:23 | 4944564 Say What Again
Say What Again's picture

I have another confession to share the pope & cardinals of ZH

Most of those trades were mine.  That's all I can afford these days. But commisions seem to be eating away at my profits

Thu, 07/10/2014 - 15:26 | 4944585 NotApplicable
NotApplicable's picture

And now for my standard Nanex post reply.

"Nanex investigation by the SEC in 3... 2... 1..."

Thu, 07/10/2014 - 15:33 | 4944616 NoDebt
NoDebt's picture

Is this NEW information?  Nanex has uncovered some pretty damned miraculous stuff over their short existance.  This almost seems too basic.  How did we not know this data years ago??  (Was it not happening years ago?)

Thu, 07/10/2014 - 15:35 | 4944624 max2205
max2205's picture

1 sh of goog before split was $1,200....makes cents

Thu, 07/10/2014 - 16:14 | 4944792 Eigen20
Eigen20's picture

There's a reason that HFTs use 1-lots and it has nothing to do with rigging.  It's _testing_.  And they are always testing.  I don't see anything too nefarious here.  Do odd lots even hit the tape?

Thu, 07/10/2014 - 16:17 | 4944808 Double.Eagle.Gold
Double.Eagle.Gold's picture

reply to Eigen20

 

fuck you, yuo stupid fucking idiot.

Thu, 07/10/2014 - 15:32 | 4944613 SubjectivObject
SubjectivObject's picture

Just you wait till the paperwork hits buddy.

Thu, 07/10/2014 - 16:40 | 4944858 Urban Redneck
Urban Redneck's picture

Here's a solution to everyone's problem... DECIMALIZATION... of shares (BTFATH .001 shares @ $10.00001) For a measly $5 you can single handedly the drive to DOW 20k, the boys in NY can use more of their allowance for hookers & blow, and we can laugh at anyone still too dumb to figure out this fucking con.

Thu, 07/10/2014 - 15:36 | 4944631 CrashisOptimistic
CrashisOptimistic's picture

No, we're not.  There is no game.  That's why.

A lot of guys live in cities and think about it and decide "I can't own farmland", I live in a city.

They will die if they don't.

And, of course, if ZH recommended abandoning the markets there would be no text to generate ad hits.

But make no mistake about it.  There is no game.  It is all bullshit. 

Only calories that you produce yourself will save you.

Thu, 07/10/2014 - 15:38 | 4944642 NOTaREALmerican
NOTaREALmerican's picture

Actually, bullshit is THEE game, always.

Thu, 07/10/2014 - 16:50 | 4944909 decon
decon's picture

There's always been two strategies or a combination of the two, farmer or hunter/gatherer.  You're only focusing on the farmer.  The farmer needs to keep the hunter/gatherer from taking his calories.  Some things never change!

Thu, 07/10/2014 - 15:37 | 4944639 insanelysane
insanelysane's picture

Methinks they will lobby to allow trading in fractional lot sizes.  There is an infinite number of them between 0 and 1.

Thu, 07/10/2014 - 15:47 | 4944672 NotApplicable
NotApplicable's picture

Then I can get me some of that BRK-A!

Thu, 07/10/2014 - 16:52 | 4944916 Silver Bug
Silver Bug's picture

The market is completely and utterly rigged. PHYSICAL gold and silver are the only true safe havens.

 

http://jimrickards.blogspot.ca/

Thu, 07/10/2014 - 15:18 | 4944549 buzzsaw99
buzzsaw99's picture

On the floor of Tokyo
Or down in London town to go, go
With the record selection
And the mirror's reflection
I'm dancing with myself...

[/billy idol]

Thu, 07/10/2014 - 17:18 | 4944980 rosiescenario
rosiescenario's picture

"...lets CYNK another drink...."

Thu, 07/10/2014 - 15:21 | 4944561 youngman
youngman's picture

1 share...with the volumes today..that is a big order...

Thu, 07/10/2014 - 15:21 | 4944562 Q-Q-Q
Q-Q-Q's picture

Do humans still play the stockmarket.....I thought that died out years ago!

Thu, 07/10/2014 - 15:22 | 4944568 Say What Again
Say What Again's picture

you will be assimulated...

 

Thu, 07/10/2014 - 15:39 | 4944647 NOTaREALmerican
NOTaREALmerican's picture

Yes,   the guy sitting in the next cubicle is still "learning" options trading from his buddy down the aisle.  

Plus, there's all the "short" money "they" get every day.  

Thu, 07/10/2014 - 16:53 | 4944814 cougar_w
cougar_w's picture

Just in case anyone here is new:

http://madscienceunlimited.com/fiction/theexchange.html

She's bad. She's blue. She's stacked, racked and ready to roll. She's Fortran, resident goddess of all things computational and today she's going to answer the question that's been on everyone's mind since -- well since that time she flew over NSA headquarters accidentally bringing down their entire global network, question being -- exactly what does a girl do with 4 trillion computational units, anyway?

Read it and find out.

(Rated for mature audiences. Contains strong language, nudity, breaking and entering, high-freq trading, threats of violence, nudity, funny animals, combustion, blatant violation of SEC regulations, discussion of advanced mathematics, violations of known physical laws, cannibalism, and we should mention there is some nudity.)

Thu, 07/10/2014 - 15:21 | 4944563 alien-IQ
alien-IQ's picture

I've seen 1 share at a time being traded on stocks that are below $1. That makes no fucking sense at all...yet there it is.

Rigged? Fixed? Fucked? whatever....

Thu, 07/10/2014 - 15:24 | 4944576 NotApplicable
NotApplicable's picture

But shit, it was 99 cents!

Thu, 07/10/2014 - 15:29 | 4944601 buzzsaw99
buzzsaw99's picture

probably some zher paying a $7/trade commission to boot. lulz

Thu, 07/10/2014 - 15:24 | 4944575 IANAE
IANAE's picture

Nothing like one-share lot head fakes ... no worries, after all it adds liquidity...right? 

Thu, 07/10/2014 - 15:28 | 4944599 Iceobar
Iceobar's picture

Sorry, I thought they were '1Shares'....not 'iShares'...finger trouble........;>)

Thu, 07/10/2014 - 15:31 | 4944610 jay28elle
jay28elle's picture

Hi, this is Mary White.  I just post under an alias...

No, nothing rigged here, I'm sure of it.

Thu, 07/10/2014 - 15:33 | 4944622 youngman
youngman's picture

Its just people that want to fill up their library with annual reports...they are pretty with lots of glossy pictures...

Thu, 07/10/2014 - 15:38 | 4944640 buzzsaw99
buzzsaw99's picture

that's one way to stick it to the man. got a letter one time:

dear sir,

you are receiving this letter because you own very little stock in our company...

 

you're right though, they are pretty.

Thu, 07/10/2014 - 15:42 | 4944659 i_call_you_my_base
i_call_you_my_base's picture

I have a $10 tax overpaid refund from 2002 that the government sends me via check every year and I never cash it. I want to see how long and how much money they spend trying to send me $10.

Thu, 07/10/2014 - 18:39 | 4945271 GoinFawr
GoinFawr's picture

Isn't the joke really on you then?

Thu, 07/10/2014 - 19:50 | 4945554 DetectiveStern
DetectiveStern's picture

I don't pay my counsel tax for the same reason. Those motherfuckers don't play though.

Thu, 07/10/2014 - 15:35 | 4944628 Kaiser Sousa
Kaiser Sousa's picture

well Silver has entered the Globex after trading between $21.45 and $21.50 all day long...
what do you think is happening now that the bankers and their machines r the only ones trading Silver they dont have???

http://www.kitco.com/charts/livesilver.html

you guessed right.

Thu, 07/10/2014 - 15:45 | 4944665 crazybob369
crazybob369's picture

Not to mention that in spite of the 1-2% rise in gold/silver, the gold silver equities are down 1-2%. Huh????

Thu, 07/10/2014 - 15:48 | 4944677 bbq on whitehou...
bbq on whitehouse lawn's picture

I'm thinking we on ZH should start our own Buy/sell company.
OR program.

Thu, 07/10/2014 - 15:58 | 4944725 crazybob369
crazybob369's picture

Actually the hammering started earlier this morning. Silver hit an overnight high of $21.63 before being smacked down to $21.41 around the London PM fix.

Thu, 07/10/2014 - 16:12 | 4944790 BobTheSlob
BobTheSlob's picture

Sorry KS, but the harsh reality of the matter is that Silver is going to get the living snot beat out of it in the not too distant future:

"In COMEX silver futures, the 9,100 contract increase put the total commercial net short position at 52,000 contracts. This is highest level of commercial shorts in COMEX silver since December 18, 2012. I hope everyone knows that “highest” here means, in COT terms, most bearish. I must point out that in December 2012 silver was around $34; whereas today the price is near $21 and below the cost of production for many primary silver miners." - Silver analyst Ted Butler: 07 July 2014

Thu, 07/10/2014 - 15:39 | 4944644 i_call_you_my_base
i_call_you_my_base's picture

It's so obvious that the "market" is constantly manipulated. Look at yesterday, or today, it's bullshit and everyone knows it.

Thu, 07/10/2014 - 15:41 | 4944652 Sudden Debt
Sudden Debt's picture

But it's for our own good!!

We need to be protected against forces nobody has ever heard off and yes... They make a few billion on the side but they say they're the league of shadows so we should actually thank them...

Or give them a nailgun and 2 minutes of private time...

Thu, 07/10/2014 - 15:45 | 4944663 Unknown Poster
Unknown Poster's picture

I'm guessing arbitrage between ETFs and the underlying equities. If HFT makes up 70 % of thrades, and frontrun everything human, then 40% of thades are arbitrage, or momentum ignition events.

Thu, 07/10/2014 - 15:45 | 4944664 bbq on whitehou...
bbq on whitehouse lawn's picture

IF the IRS didn't force sell and steal my money i may still be tradeing to this day.
Why you ask: I wanted to see what would happen. Yes FU money and all.
Course its looking more and more each day i will have to buy some, and sell some each day.
Wanted to see theft of property, needed to see it with my own eyes.
Evil. Yes to take without permission or even warning.
If someone can take your property you dont own it.

Thu, 07/10/2014 - 15:49 | 4944689 Wilcox1
Wilcox1's picture

Can you Tylers get Stanley Druckenmiller to come back on and talk more about how this market could turn on no volume

Thu, 07/10/2014 - 15:53 | 4944706 crazybob369
crazybob369's picture

The average investor wouldn't/couldn't trade 1 share lots because the fees would eat him up. However, if there were no fees and I could trade those lots a few thousand times in a nano second...that would work. Of course I would need massive servers, very close to the exchange, not to mention unlimited funds available on a moments notice. Hmmm, who does that describe?

Thu, 07/10/2014 - 18:33 | 4945237 GoinFawr
GoinFawr's picture

HFT's (robotic gas forms):

"We have evolved to a higher state of consciousness. In the grand scheme all physical beings are but yokels. Now settle your petty squabbles, and get the hell out."

Thu, 07/10/2014 - 15:58 | 4944724 Kaiser Sousa
Kaiser Sousa's picture

"Russia has produced more gold than the United States for the first time in 25 years. It’s now the world’s third biggest producer after China and Australia, Minister of Natural Resources and Environment of Russia Sergey Donskoy said.

In the last five years 270 mineral deposits were found in Russia, despite it not being a leading country for mineral exploration investment. "This, in our opinion, has negative consequences, including a negative impact on the social and economic development of the regions," Vestifinance.ru quotes Donskoy as saying.

In 2013 Russia increased gold production by 12.6 percent achieving 254,241 tons according to the Russian gold producers union. China, the world’s major gold producer, increased its gold production by 6.2 percent to 428.16 tons a year. However in 2013 gold prices tumbled by 28 percent and have only slightly recovered this year from $1,217 to $1,328 per troy ounce."
http://rt.com/business/171840-russia-gold-production-increase/

Thu, 07/10/2014 - 16:01 | 4944732 crazybob369
crazybob369's picture

And? Your point?

Thu, 07/10/2014 - 16:07 | 4944760 SillySalesmanQu...
SillySalesmanQuestion's picture

Gee, the stock prices are ATATH, and some individual share prices are hundreds or thousands of dollars, maybe thats all Mom & Pop can afford...[sarc on]

Thu, 07/10/2014 - 16:14 | 4944798 overexposed
overexposed's picture

P'shaw, that's just all of those millions of E*Trade babies doing their thing.  Nothingtoseeheremovealong!

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