4 ms·

I saw this as a serious proposal somewhere but I can't remember where. There are exchanges out there that run continuously but with delayed information feeds.

• clickety_clack 7mo ago
  It feels like something Matt Levine would have talked about.
  • chucksmash 7mo ago
    He has
    • bmitc 7mo ago
      Any references you know about?
      • bostik 7mo ago
        One easy pick: https://www.bloomberg.com/opinion/articles/2024-02-28/trading-stock-takes-time https://www.bloomberg.com/opinion/articles/2024-02-28/tradin... Note that his half-jokey proposal for a total of 30 minutes of trading time a day is at this point a running theme. If my memory serves me correctly, he started talking about this phenomenon in the pre-plague years.
• mlyle 7mo ago
  Run continuously, non-delayed, but only sweep the order book at a random time every [1,2) seconds. Run for something like our current extended market hours. Everyone gets the benefit of fast-enough execution and strong liquidity. Crazy high-frequency gamesmanship goes away. Smart quantitative plays are still possible.
• bostik 7mo ago
  The best known (at least in the tech circles - in good part thanks to HN and Matt Levine) is probably IEX. The exchange guarantees that every participant is behind the exact same time delay. And they do that by having a sufficiently long spool of optic fibre between the exchange "broadcast switch" and the market maker computers. Simple and effective. Relies only on laws of physics to create the delay. There are also exchanges that run with "frequent batch auction" principles.[0] 0: https://econpapers.repec.org/article/oupqjecon/v_3a130_3ay_3a2015_3ai_3a4_3ap_3a1547-1621.htm https://econpapers.repec.org/article/oupqjecon/v_3a130_3ay_3...
  • philipwhiuk 7mo ago
    More than tech circles - it's one of the key parts of Flash Boys (by Michael Lewis [of Big Short, Liar's Poker, etc])