> The NYSE runs out of a public data centre (called NY4) which is run by Equinix.
No. NY4 is in Secaucus. NYSE operates out of an ICE (NYSE parent co) owned facility in Mahwah about 25 miles north of there. They managed to pick out the one big US equities exchange operator _not_ running in an equinix facility.
Sorry but this whole post sounds like someone who is sort of HFT adjacent but doesn't really know what they are talking about. Sending orders at "09:29:59.9999971 at the hope your order arrives at 100ns past 9.30am." What?
> Sending orders at "09:29:59.9999971 at the hope your order arrives at 100ns past 9.30am." What?
This literally does happen, though. One of the things the hyperscalers have convinced the world is that precise time is hard. Precise time is easy if you are willing to pay extra for your hardware. Sub-10-ns precision is unremarkable when you use PTP.
It doesn't happen. All the exchanges have a "Day" order type that you can send before 9:30 that will be live on the book when it opens at 9:30 (or transitions to the "core" session at 9:30, most US exchanges have a premarket session prior to that). The idea of having some sophisticated strategy that sends 100ns before 9:30 is nonsense.
As far as I know, you're correct that this exact trade probably doesn't happen on the US exchanges - day orders do have a matching phase before market open, so it may be advantageous to slide in right afterward, but you likely wouldn't do it without knowledge of the state of the opening auction.
However, sending things just a hair early for scheduled events to catch an exact time is a pretty well-known trick at this point. I remember complaining to the exchange that their clocks weren't precise enough for this to be reliable.
> if this was found by accident, how many things still remain undiscovered.
This, to me, is the most important question. There is no way Andres Freund just happened to find the _only_ backdoored popular open source project out there. There must be like a dozen of these things in the wild?
>> The founding Johnson family, individually and through various trusts, owns stock representing a 49% voting interest in FMR, and have signed agreements pledging to vote all their shares as a bloc.
>> Most of the remaining 51% of the company is held by various Fidelity employees and ex-employees, including fund managers and ex-managers...
Yes, exactly. Fidelity is a private company just like Reddit and Discord are. There are still shares in the private company held by various owners, but the shares aren't traded publicly, which is what it means to be a public company.
To unify the point that GP was making, it's dangerous to let publicly transparent funds take slices of a private company, as their valuation announcements give them control.
In reality, at this scale, I'm not sure if there's an alternative though. Syndicated investment is required to amass the capital levels needed.
That is the point I was making. You replied to the poster who said "Fidelity is not a public company." with a link to an excerpt about their share representation, which as nothing to do with the point.
To be honest, it was mostly the suggestion from AMD.
At the time, AMD was the only Gen4 PCIe available, and it was hard to determine if the Mellanox NIC or the AMD PCIe root was the limiting factor. When AMD suggested Relaxed Ordering, that brought its importance to mind.
Why did you feel the need to support trading of non-LTSE listed names on the LTSE? Are there novel order types or other trading mechanics coming down the pipe?
Just the opposite, we adopted a set of rules that we call the Very Simple Market (tm) (yes really). We have reduced the types of orders and removed all hidden liquidity. This isn't the best trading venue for all kinds of traders, but we do believe it is superior for certain investors who have a long-term orientation.
You can't really "front run" a retail order. Front running means you (assuming you are an agency broker) get a big market moving order from a customer, do a trade in your own account first (in the same direction as the customer order), then execute the customer order which moves the market in your favor.
Retail orders are small and generally aren't capable of moving prices. Your order for 100 shares of whatever isn't going to move the price so you can't really make money ahead of it.
Can anyone suggest a good book that would serve as an introduction to finite field arithmetic? I keep randomly running into it (e.g. this post), but don't understand it well enough to follow the discussion.
If you would prefer video, then UoCambridge's recording of "Lecture 5: Entropy and Data Compression (IV): Shannon's Source Coding Theorem, Symbol Codes and Arithmetic Coding" is up here: http://videolectures.net/mackay_course_05/
I bought XOM about 2-3 weeks ago at 71.75 You're also not calculating dividends. Xom is pay 4.4 and some of my other holding have already paid a few thousand in dividends.
All the transactions detailed in the SEC order are outright sales of stock (not options). He was both selling stock he already owned to avoid losses and selling short to generate additional profit. Before it was acquired, AFOP never had a very substantial market cap so it’s possible AFOP didn’t actually have listed options, or that it did but they weren’t liquid.
I suspect that AFOP was probably a typical low volume small cap and that Li’s selling while not large in nominal terms was probably still pretty significant relative to the average daily traded volume. Large enough to be picked up by a pretty simple screen anyway.
The press release hints strongly at their toolkit:
> improbably successful trading
Even before considering trading volume they can look at in-the-money trades as a proportion of total trades. Then I expect they would look at smaller denominators to see if timing correlated with the announcement cycle. The use of short-selling would have made it (relatively) easier still to pick up: assuming the company was ~200MM market cap at the end of 2014, of which 28% was held by management and their strategic shareholder [proxy statement 20150417], borrow could have been expensive enough to limit the holding periods of short trades.
As you and other commenters have pointed out, simple screens can indeed be effective. A short-term, infrequent trader (or small group of traders assuming, um, collusion) with a high win rate and presumably high risk-adjusted return would stick out.
