"You don't think your order can be front run by brokers at ML?"
My point exactly. That investors would ever get price improvement from a full service broker or MMs is so ridiculous I don't have the words for it.
You're absolutely right, they're trying to protect us from ourselves, so to speak. A better way of putting it is they're trying to protect themselves at OUR expense and have us say thank you for the privilege. Anyone who has executed an order via ISLD knows what a load of garbage that article was. If some people want to place orders with a broker that charges $350 to buy, and then gets to choose the price by looking at all the trades of the day and picking one that maximizes the firm's profit, there are plenty of firms around to choose from. MMs are still going to crave volatility because that's really how they make their money. And if MMs are providing liquidity out of the goodness of their big, juicy hearts, how come so many people lose their money? And how come they are allowed to wait 30 seconds? If I decide my ISLD order is a mistake, I don't have 30 seconds to take it back. Man, I've never seen the privileged few complain about the power of the powerless, and get away with it, than in this stupid article.
Okay, rant is over.
Paul Kaz |
