Stephen Ehrlich

@nyknicks in 5 @Yankees in

Most people do not know that in the late 90s we had a trend out amount of fragmentation and dislocation in the tracing markets with 50+ ECNs, ATSs and Exchanges. Thai was pre Reg NMS. This gives opportunity for traders to make money in the markets and tighten the spread. It also Amanda Fischer @amandalfischer Sep 17 Still digesting this proposal but some early feedback (thread): Overall, this will exacerbate market fragmentation and worsen price discovery. More venues - that don't talk to one another - increases the chances for price dislocations. Quote U.S. Securities and Exchange Commission @SECGov Sep 17 🚨 TODAY: The SEC issued an order granting temporary, conditional exemptive relief to Tokenized Securities Venues from the definition of “exchange” in the Exchange Act to trade tokenized NMS stock using innovative permissioned automated market makers and liquidity pools.

@NissanStadium hey stop playing rock music at a CFB game and let the bands play.

Next in the series on how markets have changed and how crypto markets are advancing. Every Market Starts Broken medium.com/p/every-market…

Every market starts broken. I've watched it happen twice. Once in equities in the 1990s. Again in crypto starting in 2017. This is the first post in a series on what 30 years of market infrastructure taught me, and where it's headed next. medium.com/p/the-phone-ca…