minimax (u/minimax) - Readit News

minimax commented on The New York Stock Exchange plans to launch NYSE Texas ir.theice.com/press/news-... · Posted by u/ChrisArchitect

pimlottc · a year ago

What does this mean for Chicago? Certainly seems like a loss for them. Does this reflect any broader trends about Chicago’s position as a financial hub?

minimax · a year ago

It doesn't mean anything for Chicago. "NYSE Chicago" is an electronic exchange hosted in New Jersey. It has Chicago in the name because NYSE bought the old Chicago Stock Exchange in 2018 (which was partially hosted in Chicago and partially in NJ... it was weird). To my knowledge post-2018 NYSE Chicago never had any trading operations in Chicago. NYSE does have sales people in Chicago because of the large prop trading community in the city and it would be hard to see how this NYSE Texas situation changes that.

minimax commented on Thoughts on low latency trading if exchanges went full cloud blog.abctaylor.com/what-w... · Posted by u/arcza

_benj · 2 years ago

This is an interesting read but I think it leaves outside what kind of trading is the one that would benefit from ULL.

ULL and currently HFT seems to be very useful for market making (buying the ask and selling the bid and profiting from the bid-ask spread making parts of a cent per transaction, done a few million times a day), but there are other uses for HFT. One of them would be to execute very big orders over time to instead of drastically rising the price of the security they can get a better cost basis by performing a set of trades, letting the market absorb the impact and continuing with the order.

The thought of having the market in a cloud provider like AWS scares me! Although I’m sure that AWS might have pitched the idea already. If the markets could be controlled by a private company that could schedule “maintenance” at convenient times for them, that sounds like a recipe for market manipulation bay trillion dollar company. Sounds like something the SEC wouldn’t stand for.

minimax · 2 years ago

Your description of market making is backwards. If you're buying the ask and selling the bid, you're paying the spread not collecting it.

minimax commented on Thoughts on low latency trading if exchanges went full cloud blog.abctaylor.com/what-w... · Posted by u/arcza

pclmulqdq · 2 years ago

> 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.

minimax · 2 years ago

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.

minimax commented on Thoughts on low latency trading if exchanges went full cloud blog.abctaylor.com/what-w... · Posted by u/arcza

minimax · 2 years ago

> 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?

minimax commented on Xz/liblzma: Bash-stage Obfuscation Explained gynvael.coldwind.pl/?lang... · Posted by u/ecliptik

minimax · 2 years ago

> 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?

minimax commented on Fidelity deepens valuation cut for Reddit and Discord techcrunch.com/2023/06/30... · Posted by u/jmsflknr

ethbr0 · 3 years ago

https://en.m.wikipedia.org/wiki/Fidelity_Investments#Ownersh...

>> 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...

minimax · 3 years ago

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.

minimax commented on Fidelity deepens valuation cut for Reddit and Discord techcrunch.com/2023/06/30... · Posted by u/jmsflknr

jelling · 3 years ago

The write-down might be fair. But the lesson I see with Reddit, Discord and Twitter is that letting a public company own even a tiny slice of your private company is a terrible idea.

Despite only owning a point or two of multi-billion dollar companies, they implicitly get pricing power over the entire cap table.

minimax · 3 years ago

Fidelity is not a public company.

minimax commented on Serving Netflix Video at 400Gb/s on FreeBSD [pdf] people.freebsd.org/~galla... · Posted by u/drewg123

drewg123 · 4 years ago

These are the slides from my EuroBSDCon presentation. AMA

minimax · 4 years ago

What lead you to investigate PCIe relaxed ordering? Can you suggest a book or other resource to learn more about PCIe performance?

minimax commented on The Long-Term Stock Exchange Opens for Business blog.ltse.com/the-long-te... · Posted by u/ummonk

minimax · 6 years ago

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?

minimax commented on Hedge funds use satellite images to beat Wall Street newsroom.haas.berkeley.ed... · Posted by u/jonbaer

logifail · 7 years ago

> As an occasional retail trader, it doesn't bother me at all that other market participants are trying to be better informed. In fact, it means that market prices are more likely to be properly-priced.

What about companies that find out about your retail trade before it's even executed, and are able to act on that information to profit from your very intent to trade?

minimax · 7 years ago

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.