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Are you expecting to only support institutional investors or retail order flow as well? It seems like this supports pushing the notional to shares conversion al
by kevinpet 5y ago
Are you expecting to only support institutional investors or retail order flow as well? It seems like this supports pushing the notional to shares conversion all the way down to the exchange, which I can see a use for.
How does the expressive bidding interact with NBBO held orders?
- lpage 5y ago> Are you expecting to only support institutional investors or retail order flow as well? We don't segment the market at all or exclude subscribers (beyond requiring that they're FINRA registered BDs), but the way that PFOF works means that we likely won't see retail order flow from the brokers that wholesale it. We do view Smart Markets as a win/win/win/win for retail customers, brokers, market makers, and regulators alike (cleaner routing, better transparency and price formation, better allocative outcomes, lower technology costs). > How does the expressive bidding interact with NBBO held orders? https://news.ycombinator.com/item?id=30257586 https://news.ycombinator.com/item?id=30257586 Expanding on that a bit—we have the standard Rule 611 requirements, meaning that we clear within the NBBO on a symbol by symbol basis. We don't route.