YouSaid · the spoken record

Joseph Saluzzi

lines on the record: 90
first: 2015-03-02
most recent: 2015-03-02
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“Six point legal ease. Hey, thanks, buddy. It's approved by the SEC. Why would they ever allow certain order types to be approved? Who is at the SEC looking at the exchange document saying, yeah, that looks like it's fair to everyone. It's insane. So here's why we call it a broken market, because if you've got regulators who are allowing this, exchanges who are for-profit, HFTs who take advantage of it, and in between is the retail and institutional guy going, what the hell is going on?”
2015-03-02 · Masters in Business · Themis Trading LLC Joseph Saluzzi: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“No. The SEC didn't even look into it, but the exchanges after they caught grief from the institutional community changed it voluntarily, just like the direct edge exchange a couple years back would do in flash orders where they were showing orders to a certain subset of clients for half a second, which is an eternity in their world, a half a second. Would you like to buy this? No, okay. You go out in front of yourself. It was ridiculous. But here's what they'll, in their defense, they're going to say, well, wait a second, Joe. Everything we do is public. Everything that we do has to be filed with the SEC.”
2015-03-02 · Masters in Business · Themis Trading LLC Joseph Saluzzi: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Doesn't help you, right? It doesn't help you. Then you also got to build the entire infrastructure to make that data. The data for you is just a fuel that runs the engine. You got to still build the engine. But what they're giving in these data feeds is not just, there's a lot of information and a lot of content. In fact, a couple years ago, we actually wrote a white paper where we caught two of the major exchanges giving out information on what is supposedly a hidden order flow so an institution could put in 50,000 shares hidden. I don't want anybody seeing it. But they were putting tags on this flow, which basically allowed others to re-engineer it, people who bought the data feeds and figured out that there was a buyer there.”
2015-03-02 · Masters in Business · Themis Trading LLC Joseph Saluzzi: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“They are and data feeds what they called proprietary data feeds we think should absolutely be looked at by the SEC should be public why they have you here's what the exchange will say hey Barry you want to buy a data feed love to sell you one buddy 10 000 a month here you go purchase it anyway anybody can buy it they're going to turn around but realistically”
2015-03-02 · Masters in Business · Themis Trading LLC Joseph Saluzzi: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Frequency trading, it's a human High frequency And see what happens Yeah, and there is a have and a have not in the world of trading. The haves are the ones who can pay enough money to buy that co-location facil, to rent the co-location facility, to purchase the data feeds, to set up a microwave network, to do all the things they do, right? So you have created a tiered process in the trading world. There's no doubt about it. There are those that do and those that don't. So, you know, you're really not competing on the same level playing field when it comes to technology. But look, I'm not going to argue against certain things, but I am going to argue when there's a dark pool out there and he's advantaging one client because that client is an HFT and he's going to say, I'm going to give you a special look or something like that. Here we have a lot of issues or a couple of”
2015-03-02 · Masters in Business · Themis Trading LLC Joseph Saluzzi: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“You know, millilennies here and there. There are different ones. HFT is different, and it's really hard to bucket it. And we've learned, look, we were not the smartest when we first started doing this, and we've learned a lot, a lot over the years. And we've learned that you can't just bucket HFC into one bucket. There are different types of players, right? And they do different things. But the smaller players who are there to pick off and just try to kind of sniff out a little of what we call venue arbitrage, trying to pick you off because one venue is slowed down. But let's play by the same rules.”
2015-03-02 · Masters in Business · Themis Trading LLC Joseph Saluzzi: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“So HFT is here to stay. Becoming something different. I guess they're trying to legitimize themselves, right? It's like that.”
2015-03-02 · Masters in Business · Themis Trading LLC Joseph Saluzzi: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Sending it over the fiber's gone. Microwave. It's now over the air. Lasers, whatever else to exact. But if you do it, I have no choice but to do it if I want to remain competitive to you, which means now it's going to cost me $10 million, which means that's going to be sucked right out of my profits. That's why you're seeing the margin start to collapse. So eventually, I think what will happen is the smaller ones are going to drift off. They will not be able to compete. The bigger ones will get bigger, which does become an issue of how much power they're having. But that's where you're going to have to have some regulations coming in saying, okay, let's get some obligations on these guys as well. They're not going away.”
2015-03-02 · Masters in Business · Themis Trading LLC Joseph Saluzzi: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“A million. A million. A million. And whatever it may be, I'm just throwing numbers out there, but you're going to be faster because you're going to spend $10 million, say, building a microwave between here and Chicago. So no fire.”
2015-03-02 · Masters in Business · Themis Trading LLC Joseph Saluzzi: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Or what's going on? It's the term they call the race to zero. This is by far the race they are trying to zero out. That latency has gotten so squeezed. But here's the problem for an HFT. If I'm an HFT and you're an HFT and you decide to build a new microwave network that's going to get you one microsecond faster some data, a thousand.”
2015-03-02 · Masters in Business · Themis Trading LLC Joseph Saluzzi: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“That's right Invest our own money. That's how you And that's when it was easy pickings for them. It was easy to have a latency ARB situation going on when no one even knew what the heck it was. And now, I mean, to the...”
2015-03-02 · Masters in Business · Themis Trading LLC Joseph Saluzzi: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Fantastic And he goes to the kind of the lineage of what HFT, where they came from. And he goes back to this firm called Island. It was in CCN. And when we were at Instant, that was one of our competitors. They were this small kind of firm. But a lot of the guys who were at Island kind of morphed out and they went to these HFT firms along the way. And the island came out first and came up with this, I'll pay you to add liquidity theory. It was their original thing that said, I'll pay you to add liquidity. And now it's in every major stock exchange around the world.”
2015-03-02 · Masters in Business · Themis Trading LLC Joseph Saluzzi: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“They're starting to suck up a million shares. Or certain hedge funds, let's just call it that. Everyone knew was quote unquote smart money. They started ripping through his stock. But that was intelligence sure. There was issues back then of transparency as well. But the market now is so much different. And when you think about it, Scott Patterson, the Wall Street Journal report, I wrote a book called Dark Pools, which I think is tremendous, by the way. I love it.”
2015-03-02 · Masters in Business · Themis Trading LLC Joseph Saluzzi: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Compared That was like the axe they used to call her. Right, that's right. And when the axe came in, everybody knew, and you knew in different styles.”
2015-03-02 · Masters in Business · Themis Trading LLC Joseph Saluzzi: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Correct. Because you're doing an average job because that's the average price. And we would argue that if you're not sophisticated with your routes, you're actually causing that VWAP to be higher than where it should if you're a buyer or lower if you're a seller because you're not really paying attention to the intricacies of wire that 100 shares go up on the bat's inverted exchange. Why did it go up in a dark pool? Why is that router going here constantly in the same low rebate venue or high rebate venue? These are the questions that we ask all day long why our trading is different than others out there. But once you learn the inside of it, then you'll be armed a little bit better. It's still going to be tough. It's not easy”
2015-03-02 · Masters in Business · Themis Trading LLC Joseph Saluzzi: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Bids and offers, what you ask. You match the daily v so everybody, there's a lot of managers that will try to benchmark the VWAP and they'll say, if I got as good as the VWAP, I did a good job today. And we would argue that you know.”
2015-03-02 · Masters in Business · Themis Trading LLC Joseph Saluzzi: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“They'll disappear if you're coming through a slower router. And the next thing you know, they'll take the stock in front of you. And you're now paying a nickel higher and you've got 287 shares. You're like, what the heck are you doing? That's what you have to be. When you're trading now, especially with larger pieces, you better be sophisticated. You better know how the routes work. You better know what's going into every route, what type of order is going out. We didn't even get into these crazy order types, but you need to know the plumbing, right? Or if you ran a race car, if you were a race car driver, you want to know what's in that engine, you better know the inside of this engine if you're trading size right now. You will get picked off. And then unfortunately, at the end of the day, you may think you got what they call a VWAP or the Vela.”
2015-03-02 · Masters in Business · Themis Trading LLC Joseph Saluzzi: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“No, it is. It is. That's where you get picked off, by the way. People will see you coming, and that's where Brad over. Yeah, they move.”
2015-03-02 · Masters in Business · Themis Trading LLC Joseph Saluzzi: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“There's money to be made. Real traditional market makers will come back. Real liquidity will come back. Maybe the spread is a little bit wider, but we would argue that a spread is really today's market, like you were saying before. If I'm getting 47 shares, who cares? I want to buy 5,000 shares. How do I get 5,000? And if I can do it with a nickel spread, that's actually a better thing. Right, 40.”
2015-03-02 · Masters in Business · Themis Trading LLC Joseph Saluzzi: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Who replaces them? It's a good question. Do market forces that overnight it's not going to happen, right? But eventually, let's take, for instance, that tick size pilot we were talking about.”
2015-03-02 · Masters in Business · Themis Trading LLC Joseph Saluzzi: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Is that right? Of actual trades It's incredible. He could have built, and I've spoken to Erica, and we speak to him often, but he could have built Midas for a lot cheaper and they spent on it. He runs it. He basically takes in the feeds and he analyzes this stuff. But the problem with the SECs and the problem with our regulatory system is we've got futures on one side, which is the CFCC. We've got the SEC doing equities and options. They're not aggregating everything. And...”
2015-03-02 · Masters in Business · Themis Trading LLC Joseph Saluzzi: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Just picture that on a I'll tell you one other problem that they have right now. They don't have the surveillance. The SEC in particular does not have a surveillance system to keep up with today's modern markets. Today's microsecond trading, you know, in a millionth of a second, these guys are doing things that we can't, there's a world underneath it, right? The SEC doesn't have a system to monitor. They actually had to sub out to an HFT guy to build a system called MIDAS that cost them two and a half million a year, which is barely a bunch of direct feeds being aggregated.”
2015-03-02 · Masters in Business · Themis Trading LLC Joseph Saluzzi: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And it is supposedly the most liquid instrument when it comes to commodities, yet that was also the one blamed for the initiation of the flash crash because they couldn't handle 75,000 contracts, which makes you kind of scratch your head. Well, how could the most liquid security in the world not handle? Sure, it's a big order, but the reason that that side put out doesn't hold water at all.”
2015-03-02 · Masters in Business · Themis Trading LLC Joseph Saluzzi: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“That was it. Stop the flesh. And that tells you that every asset is linked. Because when the e-mini stop trading, everybody said, hold on a second, what's going on. And not guys like us who are trading stocks, but guys who have multi-asset strategies who are all electronically linked then realize, hey, there really isn't something going on here.”
2015-03-02 · Masters in Business · Themis Trading LLC Joseph Saluzzi: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Than what we see elsewhere. Ironically, the flash crash of 2010 that we spoke about earlier was stopped because of a piece of software at the CME, the Chicago Mercury Exchange, called StopLogic, which said that if it got too volatile, halt it for five seconds. I believe it was five seconds. And that's really what the bottom of the flash was. Five seconds.”
2015-03-02 · Masters in Business · Themis Trading LLC Joseph Saluzzi: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“They do. But they're a lot more controlled. They seem to have their grips on it better. I'm not certainly not an expert on commodities.”
2015-03-02 · Masters in Business · Themis Trading LLC Joseph Saluzzi: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Commodity markets are a little different because they operate more in a vertical silo. So you don't have the multi exchange, multi-venue model. Are you trading oil?”
2015-03-02 · Masters in Business · Themis Trading LLC Joseph Saluzzi: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Sausage factory of yours and you're developing a strategy. So if one, all of a sudden there's an event in one area, you're going to move out. So yeah, it could happen in any one of those markets.”
2015-03-02 · Masters in Business · Themis Trading LLC Joseph Saluzzi: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“It likely, I think it's probably likely because with the global event if the Swedish bank or the Swiss Swiss bank decides to change the way they're going to set things, which we saw not too long ago. And you did see a rapid moving currencies because is it really institutional volume? Is it real bona fide hedgers coming in there trading that? No. It's noise. It's guys who are using, and I call it noise, but it's basically a multi-asset model. So you're trading stocks, equity, you're trading stocks, options, futures, currencies, bonds, you're putting it all together into this little magic.”
2015-03-02 · Masters in Business · Themis Trading LLC Joseph Saluzzi: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And it's not centralized. They don't even have, at least in the equity world, we have a linkage that SIP, the security. They don't even have a linkage in the foreign exchange world. So it's a lot easier for you to develop your own quote and to see something better than somebody else. The banks have their own problems there as well. There was an article, yes, on Bloomberg about the last look and things like that. There's a lot of issues in the currency world, which we in the equity world actually wear a lot more advanced when it comes to market structure than something in the currency world.”
2015-03-02 · Masters in Business · Themis Trading LLC Joseph Saluzzi: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Years, hasn't it? Off the peak of it. We were around 10 billion shares across all exchanges back when the financial crisis was going on. Now we're closer to 6 billion, so it's a big drop. Yeah. We got really a lot of the noise. If the volatility is not there, you can't profit from latency arbitrage situations. You can't pick off someone as easily. Whereas some of that volume going, it's going to other markets. The currency market has exploded with electronic activity because it's much more volatile.”
2015-03-02 · Masters in Business · Themis Trading LLC Joseph Saluzzi: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Stock market wise, I mean, the biggest look, we have issues with, like I mentioned before, fragmentation, dark pools, the non-exchange percentage of volume is close to 40%, which means that almost four out of every ten shares is not traded on an exchange.”
2015-03-02 · Masters in Business · Themis Trading LLC Joseph Saluzzi: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“They'd still be there, right? And then they are still there. But we're moving along in the right direction. We're getting exchanges now, like Jeff Sprecker of the New York Stock Exchange coming in saying, hey, this maker take a model is ridiculous. We got to get rid of it. A couple years ago, Duncan Niederhauer never would have said that. So things are different. And the market structure debate, it's a sophisticated one. It's moving forward. And this is what we always wanted.”
2015-03-02 · Masters in Business · Themis Trading LLC Joseph Saluzzi: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And this is I would agree with that. And I think it's because of the efforts of a bunch of folks, and we certainly were one of the first out of the water. But if this market structure debate didn't get pushed forward, we wouldn't be talking about improvements right now. We wouldn't be talking about market-based solutions. We'd be talking about the same problems. The systemic”
2015-03-02 · Masters in Business · Themis Trading LLC Joseph Saluzzi: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“You know, 50 million dollars microphone. The small firms, the regional brokers, remember some of the names like Robinson, Humphrey, and McDonald and all of these names that have either been eaten up by other brokers, have gone out of business, they don't have the economics to support that trading anymore. Those market makers are gone. They've been replaced by algorithms and so on. So how do you bring them back? And the theory, and Jeff Solomon over at Cowan, who's the president of Cowan, he's big on this as to how do I get these market makers back? And you have to put an economic incentive. You have to add, otherwise no one's going to do it. And the economic incentive would be a nickel or a dime spread, and you also have to have an obligation. Come in there and put some real size in there, not just 100 shares.”
2015-03-02 · Masters in Business · Themis Trading LLC Joseph Saluzzi: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Stocks under $2 billion. And it was like $40, none of which really trade. They trade a few hundred. They're orphans. No one trades them, right? Nobody follows.”
2015-03-02 · Masters in Business · Themis Trading LLC Joseph Saluzzi: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Right. And this would be only on small to mid-cap. So we propose the pilot program says $5 billion market cap unless we said that's too high, go to like $2 billion and less. And that's still a thing.”
2015-03-02 · Masters in Business · Themis Trading LLC Joseph Saluzzi: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Is that true? Yeah, and actually, there's something called a tick size pilot, which has just been proposed. We wrote a comment letter. The industry wrote tons of comment letters on it. But the theory there is decimalization was great, but you never put in a minimum spread. In other words, you collapse the spreads down to a penny. Wouldn't it make sense for stocks that will say a nickel or even a dime for say a small cap that doesn't trade where you're trying to attract real liquidity? And real liquidity providers are not going to hang around when they're going to get picked off by somebody who has a penny to come in play in the game. Where now, if it was a nickel and you wanted to get in this game and pick somebody off, it's going to cost you more and your risk is going to go higher. It's a really good theory. We don't know if it'll work, which is why it's called a pilot program that the SEC wants to put out. But the industry is going nuts already because they think it's going to translate into what they call a trade-out rule, which would mean that you can't trade in the dark until you trade on lit venues first. So they're having a thick because it would destroy their business model. But that's not what the pilot program is calling for.”
2015-03-02 · Masters in Business · Themis Trading LLC Joseph Saluzzi: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“That's the key question. Are they providing a social value? They're not going back into the ecosystem of the trading world. Think about the old days when you had an investment bank that had a trading department, a research department, IPOs, all sorts of different areas. And the trading department actually was a loss leader at times. They would lose money to facilitate the other parts of the business. But there you had the real purpose of a stock market was to help companies go public, right? Bring them out, put them on roadshows. That's kind of falling aside because the economics aren't there anymore. Right.”
2015-03-02 · Masters in Business · Themis Trading LLC Joseph Saluzzi: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Their front running demand and front running supply technically nothing illegal about that. Now, as a broker, if I had a client order for 10,000 shares and I decided to buy ahead of that, I'd go to jail, as I should because that's front running. Right.”
2015-03-02 · Masters in Business · Themis Trading LLC Joseph Saluzzi: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“We all call it front running. It's running ahead. Actually, what they're doing, and here's where they'll put my HFT hat on, they'll say that, no, no one can see an order before anyone else. It gets released from the Exchange server at the exact same time, and anybody who spends the amount of money, the millions necessary to process it can see that order. But guess what? Most people aren't doing what they do. So we think what they're doing is not front running because it's a customer. It's not the customer, but it's front running of demand and front running of supply. They're building the book. They're looking for what they call book pressure. And when they see a stock's about to move based on their speed advantage, they're often going, right? So they're taking that offer before you. They're canceling that bid before they get hit so they don't get run over because essentially they're just trading in and out of positions throughout the day.”
2015-03-02 · Masters in Business · Themis Trading LLC Joseph Saluzzi: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I think they're pretty tight on their market making. They pretty much, I mean, they look, they just published an S1, and in there is a second time around for them trying to get that IPO out. But they've exposed pretty much everything they do. They're not afraid to talk about it. I would love to have some of these more of these one-name IHFTs that you never heard of that have a web page of a half a page. Let them talk about their business model. Are they making markets or are they just a bunch of guys in a few different pods who are looking to put what we call front running, which is not really what they're doing, but what they're doing is because they have no customers, by the way. All HFTs are prop traders with no customers. What I describe”
2015-03-02 · Masters in Business · Themis Trading LLC Joseph Saluzzi: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Get go. Who else do you put in that category? Well, I don't know if I would put them in the positive. I haven't seen those two guys asking for more obligations. Okay. I did see a letter coming in the tick size pilot program, which has been proposed by the SEC. Virtue actually wrote a piece in their letter, which I thought was really impressive, asking them to put more obligations on electronic market makers. Okay, let's step up to the plate. How about the rest of those guys? Do they want obligations”
2015-03-02 · Masters in Business · Themis Trading LLC Joseph Saluzzi: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, that's to say, what exactly is their obligation to buy and sell a certain amount of shares? There is none. And actually, there's a couple of HFTs now. The bigger market makers are arguing for more obligations. The guys who really understand the HFT market makers who really know what they're doing, who have really figured this out and are not necessarily gaming the system, want more obligations.”
2015-03-02 · Masters in Business · Themis Trading LLC Joseph Saluzzi: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And yeah, no one really cared about market structure. It really popped up in July of 2009 when the Goldman Sachs program or Sergei Oliknikov got arrested. Oh, sure. Oh, sure. Then all of a sudden people started Googling, what's this high-frequency trading? And they popped up our white paper and then our phones lit up”
2015-03-02 · Masters in Business · Themis Trading LLC Joseph Saluzzi: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“We notice it's certainly like an 0506. Our first white paper was the end of 2008. So that's when we published something called Toxic Equity Trading, which kind of sat on the shelf for a while.”
2015-03-02 · Masters in Business · Themis Trading LLC Joseph Saluzzi: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Could have been at a conference one of the we certainly spoke at your conference a few years back, which was great, and we ended up.”
2015-03-02 · Masters in Business · Themis Trading LLC Joseph Saluzzi: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“White papers are on the website as well. Them is trading. And we don't charge for these. We don't put this. This is not a business model for us. This is a passion. This is what we do. We investigate things. And then we trade based on what we learn.”
2015-03-02 · Masters in Business · Themis Trading LLC Joseph Saluzzi: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Sure, we run a blog, actually, ThemisTrading.com. We have a blog that we'll put out maybe three or four posts a week that we normally, every topical issue is on market structure. Obviously our book Broken Markets. White Papers.”
2015-03-02 · Masters in Business · Themis Trading LLC Joseph Saluzzi: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“So nobody has any advantage That's right. And they took away the gaming that goes on in other systems. And they'll tell you about types of clients they have. But a lot of HFT guys don't want to go there because there's no profitable. But for us as institutional traders, we love systems like that. Our average trade size is much bigger on IEX than it is on any other venue. That is a very, very good system. You get clean liquidity. You're crossing things up nice. That's what you're supposed to have. So the market, here's a great example. The market is now starting to solve its own problems. Wonderful without the regulators mucking it up more than they've done already.”
2015-03-02 · Masters in Business · Themis Trading LLC Joseph Saluzzi: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source