February 2, 2016
I understand that this issue is being made complicated. However GTC orders worked for years, and now are going to be banned from NYSE. For some reason the symptoms are being addressed- not the cause- which is rather apparent. The markets are less of a public fungible instrument of price discovery today than just 5 short years ago. I am not sure why exchanges are now for profit. However, since they are indeed for profit, it seems to me competition should be welcomed. Consequently, IEX should be welcomed. Furthermore, I would like to use GTC orders, and I would like to have a higher average trade size. IEX would allow (or at least attempt) for non- market making entities to provide liquidity. GTC and STOP orders worked fine prior to the modern HFT market making electronic model. GTC orders are liquidity. By liquidity I am referring to buyers who carry a position overnight- not for a microsecond. The bid-ask spread is not a good sign of liquidity- especially as trade sizes have approached 1 on the CME...