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by minimax
3255 days ago
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The real reason the article is unserious is because IEX is basically purpose built to game the execution quality metric they're looking at (effective spread... trade price vs NBBO midpoint). Imagine you built a dark pool that only executes at the midpoint of the NBBO. It would have a perfect "effective spread" score but contribute nothing to the displayed NBBO. That's essentially what IEX is. Their midpoint order type only has value because of the displayed liquidity at the other rebate-paying exchanges. |
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