News for hackers. Stuff that matters.

A comment on SEC approves Texas Stock Exchange, first new US integrated exchange in decades. Parent comment

Re:SEC approves Texas Stock Exchange, first new US integrate... by throwawaymaths on Wednesday October 08, 2025 @06:42PM (#45521430)
only if you make those bids visible. the bids are held in a buffer and at the end of the buffer, it either completes a trade or appears on the order book. iirc some market tried to do this with a literal loop with a physical latency.
[ Parent | on HN ]
Re:SEC approves Texas Stock Exchange, first new US integrate... by JumpCrisscross on Wednesday October 08, 2025 @07:32PM (#45521819)
> only if you make those bids visible. the bids are held in a buffer and at the end of the buffer

Everyone else's bids are invisible. The ones you submit--for your self and for your customers--are not. The larger a brokerage operation you run, the more of an edge you get under this system.

We created the unified tape and passed Rule NMS specifically to remove these incentives.

[ Parent | on HN ]