3 ms·
> Having built systems that traded quadrillions in notional value (and in the process made a small percentage of that in profit), I think I have an idea what I'
by lrm242 16y ago
> Having built systems that traded quadrillions in notional value (and in the process made a small percentage of that in profit), I think I have an idea what I'm talking about and how to play this game.
You continue to confuse a flash order as used by the exchange to broker/dealer internalization.
- beagle3 16y agoI stand corrected -- "flashing" used to mean all that. It goes back at least 10 years, when I started trading (and, according to Wikipedia, as far back as 1978). Now it only means what the exchange side does, and what brokers do is called "internalization". But it's the same thing. I know it's being exploited for frontrunning on the broker side, and I see no reason why it wouldn't be possible on the exchange side (even if its just 30ms -- that's more than enough to frontrun the client in the NBBO exchange at the time).