Karuizawa-machi, Nagano
Joined November 2022
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minigrogu retweeted
A governance proposal has been submitted by @SplitCapital to enable a fee switch for $BLUR
Join the discussion in the governance forum 👇
Split Capital and @split_research have submitted a governance proposal for @blur_io to enable a fee switch for the Blur marketplace protocol and to redistribute fees to veBLUR holders.
Proposal: gov.blur.foundation/t/blur-i…
Imagine saying “done” on a bet and then backing out 2 days later.. oh and that dude @Derivatives_Ape is building @ZigZagExchange , absolutely no one should use it.
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Still no post-mortem on Ethereum's consensus problems yesterday...
In the meantime 👇
This quoted post is unavailable.
Closest thing to a post-mortem thus far 🧵
xitter.gq/potuz1/status/16570310…
Sir @cz_binance @binance given new regulations what are the chances you reactivate perps for Hong Kong in the near future ?
Traders were arbitraging the 1:1 redemption offered by @coinbase and the discounted on-chain AMMs
xitter.gq/0xmev/status/163439231…
1/ Today, Citadel released a joint letter alongside NYSE Group & Charles Schwab responding to the SEC's four recent proposals.
This debate will have tremendous effects on various aspects of our markets, yet no one seems to be talking about it...
THREAD 🧵
Citadel Securities, NYSE and Charles Schwab have submitted a letter to the SEC with consensus recommendations on equity market structure reform. Read the suggestions for a constructive path forward to ensure our equity markets remain the envy of the world. bit.ly/3YpYecD
6/ Now for Citadel's comments
1. Minimum Pricing Increments, Access Fees, and Round Lots
They recommend setting a half-penny minimum quoting increment for symbols trading at or above $1 per share that are tick-constrained, and setting a market-wide harmonized trading increment of $.001 for all symbols trading at or above $1 per share, reducing access fees proportionately ($.003 -> $.0015) for tick-constrained symbols and proposing to accelerate implementation of the revised round lot definition.
"In our view, the minimum quoting increment and the minimum trading increment do not need to be the same."
They also recommended accelerating implementation of the revised round lot definition on the SIP, but said "revisit industry comments" on the odd lot dissemination.
2. Order Execution Information (Rule 605)
Complete agreement: "We strongly support ... implementing this proposal..."
7/
3. Retail Auctions
Citadel recommends the SEC withdraws this proposal "for a number of reasons, including the
unprecedented nature of requiring certain market participants to utilize a specific trading protocol."
Essentially, they believe this change is way too significant to move forward with until more analysis is done.
4. Regulation Best Execution
They note they support "the principle of Best Execution" (lol), but also recommend the SEC withdraws this proposal.
They are particularly concerned with the new category "conflicted transactions", so if you wanna know what they're really thinking, I'd start there.
FIN
On Dec. 14, the SEC made four proposals regarding equity market structure.
Proposal 4) Regulation Best Execution
Here's the TLDR on the 439 pages 👇
sec.gov/rules/proposed/2022/…
For broker-dealers:
The most significant thing to note is that they would be required to establish, maintain, and enforce written policies and procedures reasonably designed to comply with that standard. This includes identifying material potential liquidity sources, incorporating material potential liquidity sources into its order handling practices, and ensuring that the broker-dealer can efficiently access each source.
The broker-dealer would also need to determine the best market for customer orders received, including assessing reasonably accessible and timely pricing information and opportunities for price improvement. For retail customer transactions that present conflicts of interest, such as payment for order flow or internalization, the broker-dealer's policies and procedures would need to address how it will comply with the best execution standard in light of such conflicts.