Larry Tabb @ltabb Twitter profile

Last Seen Profiles

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@sfnoize

Larry Tabb

@ltabb

4 years

I am starting my first day at Bloomberg today @business I will be heading up a new team to do market structure research. My content will be on the Terminal and will find out soon how much I can share through other sources. Very happy to be part of the Bloomberg team

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Larry Tabb

@ltabb

1 year

The @SECGov equity market structure fight is heating up. Folks like @WeTheInvestors_ is squaring off w/folks like @citsecurities @VirtuFinancial Main street investors plan to keep pressure on Gensler as Citadel Securities fights auction reform

Main Street investors plan to keep pressure on Gensler as Citadel Securities fights auction reform

The financial rule making process is typically dominated by insiders but this time retail investors are using social media to make their voices heard.

www.marketwatch.com

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Larry Tabb

@ltabb

4 years

Sad news. The TABB Group board just pulled the plug on @TABBGroup @TabbFORUM @TABB_Training We will be shutting down as of today and putting assets up for sale I want to thank everyone that has supported the company, our folks, and me personally over the past 17 years

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Larry Tabb

@ltabb

7 months

@Dougielarge @busybrands @cvpayne @RepRalphNorman @CGasparino Doug, talked with a few MMTLP investors today. While could be a pump & dump, there's a lot of opaqueness at Finra/SEC (what they said). Not that I'm an expert on OTC, but there are a lot of investors owed more transparency into what happened to their investment/$

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Larry Tabb

@ltabb

2 years

Our crypto / defi panel. Awesome panel with ⁦ @Brett_FTXUS ⁩ ⁦ @FTX_Official ⁩ ⁦ @Observatory13 ⁩ Bart Smith Susquehanna ⁦, Greg Lisa and John Yarwood UDHC ⁦ @UDHCFinance ⁩

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Larry Tabb

@ltabb

4 years

Looks like the Bloomberg Intelligence, Market Structure research practice is now official! Yeah! Glad I didn't join for nothing :-) @business

Bloomberg Intelligence Introduces Market Structure Research Practice | Press | Bloomberg LP

www.bloomberg.com

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Larry Tabb

@ltabb

3 years

Made the front page of the @WSJ ! While I saw @aosipovich article on options PFOF yesterday, was just tipped to go out & buy the paper. Petty cool. While I have been quoted a bunch, not sure if ever on the front page, even if it was below the fold :-) Thanks!

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Larry Tabb

@ltabb

1 year

Citadel Sec mkt structure cmt letter, is interesting. Usually SEC letters thank Commission & say that the proposal is important, but then they add, we recommend this, not that. The first sentence says proposal is a "dangerous, baseless experiment"

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Larry Tabb

@ltabb

1 year

XTX profits hit record £1.1bn after volatile markets boost trading firm Looks like @AlexanderGerko and the team had a good year.

XTX profits hit record £1.1bn after volatile markets boost trading firm

Revenues from group’s three UK entities jumped 68% last year

www.ft.com

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Larry Tabb

@ltabb

4 years

Happy to announce that I have been asked (and accepted) to be an Advisor on the #digitaldollarproject Excited to be working with a great group of folks - and looking forward to helping @giancarloMKTS and the team in any way I can

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Larry Tabb

@ltabb

2 years

I am really honored. Not sure how some kid from King of Prussia, working at Citi in the 80s, pulling CDs and CP off the printer and readying them for delivery ever got this far. Thanks!

SecurityTradersAssn.

@STA_National

2 years

STA today announced @ltabb as the 2022 Dictum Meum Pactum Award recipient. Over the course of his career in financial services, Tabb has built a legacy of conducting & disseminating research & information to participants across the capital markets. More:

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Larry Tabb

@ltabb

4 years

@CaitlinLong_ Congratulations and Good Luck in starting up a #Crypto bank in Wyoming A Bitcoin Bastion In The Wild West @DelRayMan

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Larry Tabb

@ltabb

2 years

Really interesting research on retail options trading We find retail wkly options, the avg bid-ask spread is a whopping 12.3%, & lose money on aggregate. The inflow of retail also coincides w/an increase in call options left suboptimally unexercised.

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Larry Tabb

@ltabb

4 years

Remembering my dad, Donald. 9/2/23-10/13/96 Fought in WWII Battle of the Bulge. He was a medic (no gun). Got a Silver Star for pulling a guy out of a tank (on fire) & Purple Heart for trying to close an ambulance door that opened when a mortar landed Miss him every day

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Larry Tabb

@ltabb

3 years

This is interesting DTCC’S Project ION Platform Moves to Development Phase Following Successful Pilot with Industry That enables @The_DTCC to move to T+1/T+0. Planned launch 1Q '22. Pretty aggressive time-frame. Cool!

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Larry Tabb

@ltabb

4 years

A really nice article on @TABBGroup / @TabbFORUM shutting down by @dawnmlim of the WSJ I guess you know you made it when the Journal gives you/your firm an obit - lol. That said, in the immortal words of Monty Python - "I'm not dead yet" :-)

Wall Street Firm Tabb Group Closes After Coronavirus Hits Conference Circuit

The decline was another challenge for a firm already under pressure as banks cut trading desks and slashed research budgets.

www.wsj.com

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Larry Tabb

@ltabb

11 months

An interventionist SEC risks a courtroom backlash Its going to be tricky sailing for the SEC, given weak economic analyses and their aggressive view of their authority. Both of these are mechanisms for overturning new rules.

An interventionist SEC risks a courtroom backlash

With no consensus in Congress, the watchdog is relying on judges to agree with its measures

www.ft.com

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Larry Tabb

@ltabb

4 years

Huge US Equity volume day 23.3B shares traded - highest day on record. 17.9% higher than next highest day 10/10/08 (height of financial crisis) Value - not record - 3rd highest day #1 = 2/28/20 pandemic #2 = 12/18/20 #3 - today as per @CBOE

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Larry Tabb

@ltabb

4 years

9/11 Never Forget - I lost 15 friends that day 19 years ago - Most at the Waters event hosted in Windows Aaron Dack (Encompys); Doug Gardner (eSpeed/Cantor Fitzgerald); Eric Lehrfeld (RandomWalk); Joseph Mathai (Cambridge Technology Partners); Bob McIlvaine (Merrill Lynch);

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Larry Tabb

@ltabb

3 months

really good article on Jane Street Jane Street is big. Like, really, really big An article only someone like @RobinWigg could write. Nice job!

Jane Street is big. Like, really, really big

FT Alphaville’s main takeaways from the secretive trading firm’s bond prospectus

www.ft.com

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Larry Tabb

@ltabb

2 years

This will be the time to see if the @FTX_Official Derivitives clearing model works or creates more challenges. If this isn’t 6 sigma market stress, not sure what is.

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Larry Tabb

@ltabb

4 years

This is a fantastic vid on why WeBull, Robinhood and others have shuttered $GME, $AMC & $KOSS It has to do with the 2 day settlement of equities and the margin posting mechanics at the clearinghouse @The_DTCC

Zack Guzmán

@zGuz

4 years

NEW: The CEO of Webull tell us the decision to join Robinhood in restricting AMC and GameStop trades came from soaring costs to settle its users trades: "It wasn't our choice ... this has to do with settlement mechanics in the market."

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Larry Tabb

@ltabb

4 years

Friday was the second highest volume (shares) trading day in the US. We turned over 19.35b shares. That is second only to 10/10/08 when we turned over 19.76billion. As per nominal - it was a high - $989b. Kudos to US market infrastructure for handling this volume seamlessly

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Larry Tabb

@ltabb

4 years

Sunrise on Cape Cod after a light snow

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Larry Tabb

@ltabb

1 year

Did folks hear that Rich Repetto is retiring from Piper Sandler? I had just heard that today but folks said it was announced ~2 weeks ago but can't find an announcement on Google. That said, wish Rich the best. He was a real gentleman and scholar in this space - will miss him

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Larry Tabb

@ltabb

3 years

@TheStalwart Agree with you. I think the rational for not doing is to make R's look obstructionist. In reality it makes the D's look weak and increases investor anxiety. Just mint the damn coin already and focus on more important issues.

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Larry Tabb

@ltabb

4 years

Yes I saw this. Its a tremendous blow to the Tabb family brand. That is how we used to tell folks how to spell our name - "you know Tab like the soda with an extra b." And those ads of the body by Tab They were awesome when I actually had hair :-)

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Larry Tabb

@ltabb

6 years

Impressive! @TabbFORUM ranks 4th in popularity across all media for w/o 9/21/18 by @CuratiaLLC Only bested by @business @ft & @WSJ Kudos - Very Impressive

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Larry Tabb

@ltabb

3 years

Payment for Order Flow, Price Improvement, Online Trading Join me as I interview CEO of market maker @VirtuFinancial @Dougielarge Tues FEB 23 11am #GameStop @RobinhoodApp @reddit @FSCDems @TheTerminal

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Larry Tabb

@ltabb

8 months

@EricBalchunas I am assuming that this means they take in cash and do a btc swap to gain exposure. Is this your view?

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Larry Tabb

@ltabb

5 years

How a Lone Norwegian Trader Shook the World’s Financial System Good piece on the importance of clearing and the crisis that almost occurred @Nasdaq

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Larry Tabb

@ltabb

6 years

@lisaabramowicz1 What’s nuts isn’t the loss but the socialization of losses. That”s why there are FCMs, clearing houses, and real time margining at traditional futures exchanges. But oh, this is crypto and those are traditional structures, which by definition are bad. One day folks will learn

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Larry Tabb

@ltabb

7 months

@Dougielarge @busybrands @cvpayne @RepRalphNorman @CGasparino Come on, aren't you GG's buddy :-). These guys do seem to be left holding the bag. Sucks. It's why I don't touch these stocks with a 10ft pole. But they seem to be getting the Heisman on what happened.

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Larry Tabb

@ltabb

3 years

Had the opportunity to meet Gen. Colin Powell at the ⁦ @CreditSuisse ⁩ electronic trading conference in 2008. It was a fantastic talk and afterward I was thinking I would follow that guy anywhere. What an incredible leader. He will be missed.

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Larry Tabb

@ltabb

4 years

UK trading venues (outside of LSE) lost 62% of their volume last week as the dreaded Share Trading Obligations in Brexit kicked in. Cboe, Turq, Liquidnet, and Aquis, UK order books lost 69% of flow to their EU books. Our piece can be found on @TheTerminal

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Larry Tabb

@ltabb

2 months

Piece on @SECGov power being undercut by taking too much on, court challenges and losses

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Larry Tabb

@ltabb

2 months

I am hearing that many of the ATSs (dark pools) are having problems, BoA, LeveL, GS Sigma 2 and Luminex. As well as IEX. The ATSs - I think can be blamed on SIP problems, but not sure about IEX.

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Larry Tabb

@ltabb

6 years

Great news - @Tabbforum just launched their new and interactive US Equities Liquidity Matrix With the help of @pointfocal The best & most interactive way to visualize where liquidity is trading in the US Markets - both Lit and Dark Love your feedback

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Larry Tabb

@ltabb

6 years

Doesn’t get any better. Skiing the bird with the boys. ⁦ @Snowbird ⁩

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Larry Tabb

@ltabb

5 years

The idea that this guy caused the Flash Crash is just embarrassing. Did he deserve to be punished - yes. But to think a guy in his parents London basement could cause $trillions in financial losses - even though temporary, would make me abandon the financial markets if true.

Real Time Economics

@WSJecon

5 years

U.S. government recommends time served for Navinder Singh Sarao, the British trader accused of contributing to the 2010 stock-market “flash crash”

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Larry Tabb

@ltabb

1 year

US doesn't have the best markets. While we wrote that only Dow has best global spreads - I wondered re: implementation. Working with @bloomberg BTCA, equity implementation costs are also not the best. Europe is better A bit of crow to eat, especially to @AlexanderGerko

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Larry Tabb

@ltabb

1 year

followed by "that (1) exceed the Commission’s legal authority, (2) would harm investors and damage the resiliency and efficiency of our markets; and (3) otherwise violate the Administrative Procedure Act several times over." I guess they don't like the proposals :-)

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Larry Tabb

@ltabb

3 months

⁦ @Dougielarge of @VirtuFinancial ⁩ talks with ⁦ @KatLeighDoherty ⁩ about financial markets innovation. ⁦ @BBGIntelligence ⁩ US equity market structure event.

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Larry Tabb

@ltabb

3 years

To learn more... Join me as I interview CEO of market maker @VirtuFinancial @Dougielarge for a 1 on 1 interview discussing retail investing, PfOF, PI, T+0, & other issues Tues Feb 28, 11am #GameStop @RobinhoodApp @reddit @FSCDems @TheTerminal

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Larry Tabb

@ltabb

2 years

WTF? Nickel Tycoon Tells Banks He Wants to Keep Shorting the Metal Well I guess if he can break all his losing trades..., why not.

Nickel Tycoon Tells Banks He Wants to Keep Shorting (1)

The tycoon whose big short bet on nickel helped trigger one of the most dramatic price spikes in history has told his banks and brokers that he doesn’t intend to reduce his position, according to...

news.bloomberglaw.com

Clifford Asness

@CliffordAsness

2 years

Mattie Chamberlain of LME: “I can unambiguously say that the nationality of the participant was not a relevant factor here,” In other news Reinfeld has unambiguously stated that none of his actions were to benefit Dracula.

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Larry Tabb

@ltabb

3 years

2020 Order Flow Payments hit $3.1B (Equities & Options) while equity Price Improvement hits $3.7b. Equity PI to PFOF = 3.2x - clients get $3.20 for every $1.00 paid to retail brokers Research on @TheTerminal

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Larry Tabb

@ltabb

6 years

Moving week. Finding all sorts of fun stuff. Circa 1982/3.

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Larry Tabb

@ltabb

3 years

Just got off a call w/ @Broadridge regarding DLT Repo. Was super impressed. Leveraging @digitalassetcom DAML to create smart contracts to drive traditional delivery repo (given Impact this will be big). This will absolutely help improve repo operations & inst. finance

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Larry Tabb

@ltabb

3 years

My take on the Payment for Order Flow ( #PFOF ) debate with @BobPisani of @CNBC Investors brace for SEC Chair Gensler’s report on GameStop and how brokerages get paid

Investors brace for SEC Chair Gensler’s report on GameStop and how brokerages get paid

CNBC’s Bob Pisani speaks with Larry Tabb of Bloomberg Intelligence on payment for order flow, a controversial practice SEC Chair Gensler may soon address.

www.cnbc.com

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Larry Tabb

@ltabb

5 years

DTCC processed $1.854 quadrillion worth of securities in 2018 That number is so unfathomable. If you lined up 1.854 quadrillion M&Ms it would go to the moon and back more than 17 times!

Mike Bodson

@MikeBodson

5 years

On the 10th anniversary of the 2008 crisis, #DTCC is in a stronger position than we've been in years to reimagine and redefine how we can protect the #finserv industry and support our clients. Read my message in @The_DTCC 's #AnnualReport :

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Larry Tabb

@ltabb

2 years

Interesting study on PFOF - The 'Actual Retail Price' of Equity Trades By 5 profs at various universities "All the brokerage accounts were funded directly by the authors with personal money. No outside compensation was received from for this study. "

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Larry Tabb

@ltabb

3 years

A ton of snow on Cape Cod.

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Larry Tabb

@ltabb

6 years

Very good article on #crypto clearing, rehypothecation & commingling by @CaitlinLong_ I don't fully agree with her conclusions but her facts and arguments are 100% correct. Issue is if Caitlin is right - hard to square crypto institutionalization

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Larry Tabb

@ltabb

11 months

In NYC today. The first time in a long time that I have been in nyc on 9/11. Sad day for me. I lost 15 friends/acquaintances on that fateful day, mostly at Windows on the World, Waters conference. Miss them dearly.

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Larry Tabb

@ltabb

6 years

I think Mnuchin needs a mirror. HFT doesn't cause volatility - its generally mean reversion - ie reduces vol. Maybe its rate rises, CB stimulus withdraw, debt levels, tariffs, or maybe political uncertainty? These are events pushing capital reallocation & change supply/demand

TabbFORUM

@TabbFORUM

6 years

NEWS: Mnuchin Blames Volcker Rule, High-Speed Trading for Volatility (Bloomberg)($)

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Larry Tabb

@ltabb

1 year

He basically said the industry doesn't care about their clients. I think a lot of industry folks took a lot of offence at that.

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Larry Tabb

@ltabb

1 year

I just did 2 @TabbFORUM interviews with the estimable Rich Repetto, a icon in the electronic trading community and just a really good guy. He is retiring from @Piper_Sandler on Friday. Hopefully the vids will be out in the next few days. Rich - GL and wish you the best!

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Larry Tabb

@ltabb

4 years

and Mitzi Sperando (Encompys); Steve Tompsett (Instinet); Fred Varacchi (eSpeed/Cantor Fitzgerald). God bless them all.

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Larry Tabb

@ltabb

1 year

Really interesting rpt from Battalio and Jennings (Notre Dame and Univ of Indiana) Says the @secgov has used the wrong metric to determine retail volume (Boehmer et al. (2021)) and when they went to analyze retail they found... 1/

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Larry Tabb

@ltabb

6 years

Holly Sh*t. Wow this is big. Thesys dumped as CAT provider.

Dan DeFrancesco

@dandefrancesco

6 years

Thesys was a surprise pick when it was announced back in 2017. Finra, which already runs OATS, seemed like the natural pick to run the CAT. Can't say this is shocking considering all the delays the CAT has had already.

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Larry Tabb

@ltabb

4 years

For those interested in T+1/T+0 settlement cycles - a good piece from the @The_DTCC - and those are THE guys in this space.

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Larry Tabb

@ltabb

3 years

Billions in Secretive Derivatives at Center of Hedge Fund Blowup So its not all about shorting cash equities. Equities can be shorted in other ways (swaps and CFDs (which I thought was illegal in the US).

Billions in Secret Derivatives at Center of Archegos Blowup

The forced liquidation of more than $20 billion in holdings linked to Bill Hwang’s investment firm is drawing attention to the covert financial instruments he used to build large stakes in companies.

www.bloomberg.com

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Larry Tabb

@ltabb

4 years

lol, Air futures - I was thinking CME lost it..., selling futures on air. Clean air maybe as I am sure there is demand on the west coast. But its Adjusted Interest Rate futures - that makes more sense.

John Lothian

@JohnLothian

4 years

Accrued Funding Data for CME AIR Futures to be added to CME’s Reference Data API - Effective November 23, 2020 - CME Group

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Larry Tabb

@ltabb

6 years

horrible news - I just heard that an old friend & father of @FixProtocolLtd , Jim Leman passed away suddenly yesterday. Jim & Chris Morstatt from Citi, & Bob Lameraux from Fido developed FIX in the mid 90s. It revolutionized trading forever. Goodbye my old friend. I will miss you

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Larry Tabb

@ltabb

4 years

Interesting "In reality, however, “commission free”trading at Robinhood came with a catch: Robinhood’s customers received inferior execution prices compared to what they would have received from Robinhood’s competitors." @RobinhoodApp

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Larry Tabb

@ltabb

3 years

Interestingly, given all of the meme-stock hoopla, nefarious internalization-based equity PFOF only increased 13.3% in '21, while the pristine exchange-only options PFOF grew 46.8% Options ($2.5b) PFOF was 1.95x equities ($1.3b)

Alexander Osipovich

@aosipovich

3 years

Total payment for order flow at major brokers swelled to $3.8bn in 2021, up 33% from 2020, according to @ltabb data based on the latest 606 reports.

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Larry Tabb

@ltabb

3 years

Just finished @RobinWigg Trillions - Great book on history of indexes, passive investing, and ETFs. Stick with it to the end - great last chapters on how the rapid growth of ETFs could blowup. Not just boring financial stuff but great stories on the folks behind these products

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Larry Tabb

@ltabb

1 year

Curious about how the @SECGov plans to alter the equity markets? @gutenplan10 and I did this 8 or so part video series. First up: What is the SEC planning? Market Structure Proposals Overview s/2023-02-28/market-structure-proposals-overview-video

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Larry Tabb

@ltabb

4 years

@lisaabramowicz1 I think an economist, a long time ago, came up with a solution for this... if I remember, I think it’s called a market. Its s a place to go to sell stuff and when there is too much supply prices go down (or yields go up) and more buyers show up. But then again this is 2020.

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Larry Tabb

@ltabb

3 years

Retail Price Improvement for Jan puts clients in position to save $4.8B in 2021 for 9 wholesalers we track on @TheTerminal I put out a new piece on PI this AM diving into how much PI the 4 major wholesalers provided during Jan '21 & the #memestock event {NSN QPPAO5T1UM10 <GO>}

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Larry Tabb

@ltabb

2 years

A white, snowy and cold Christmas on Cape Cod

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Larry Tabb

@ltabb

4 years

Looks like the Hertz offering is on pause as the SEC has questions over the offering. That said, got to love America. Where else can you offer $1b in securities that are most likely to be worth nothing in 6months? Securities markets are finally catching up to ICOs :-)

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Larry Tabb

@ltabb

3 years

This is totally insane. 100b shares executed a day on pace for 2tillion shares this month. Average price of a share $0.043 - 4c per share.

Sarah Ponczek

@SarahPonczek

3 years

Thought penny stock trading volume was wild when it surpassed 1 trillion in December? In February, OTC volume is on pace to near 2 trillion

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Larry Tabb

@ltabb

2 years

Our Crypto/DeFi panel @ Market Structure 3.0 May 18/19 NYC Brett Harrison @Brett_FTXUS @FTX_Official Chad Cascarilla @PaxosGlobal Bart Smith Susquehanna Greg Lisa @element_hq John Yarwood @johnyarwood63 @UDHCFinance Space limited / Don't miss

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Larry Tabb

@ltabb

4 years

Hunh? This isn't what this @BankofAmerica graph shows. I think its actually the opposite. I stop publishing market structure info and within a month... :-)

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Larry Tabb

@ltabb

3 years

Imagine this is the first step in these guys going public. There has been chatter about them wanting to go public for years. This gives them the first print in that process.

Alexander Osipovich

@aosipovich

3 years

Scoop! Ken Griffin's Citadel Securities raises first outside capital; $1.15bn investment from Sequoia and Paradigm values firm at about $22bn. From @CaraRLombardo and me

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Larry Tabb

@ltabb

3 years

TD Bank Group to acquire electronic fixed income trading business This is big news for electronic trading folks. The CEO of Headlands is Matt Andresen one of the pioneers of electronic trading from his time at Island ECN. He was also a team USA fencing guy

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Larry Tabb

@ltabb

3 years

For those that want to hear a replay of my interview with Doug Cifu, @Dougielarge of @VirtuFinancial here is the audio from the webinar. Below are the slides 1/4 from my short preso

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Larry Tabb

@ltabb

1 year

We analyzed each of the 14,805 comment letters submitted for the @SECGov Equity Market Structure Proposals. Individual letters (98% of comments) were very positive Institutional, not so much. You can find on @TheTerminal A few interesting slides

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Larry Tabb

@ltabb

4 years

Here's to what will hopefully be at least 4 years of boring politics.

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Larry Tabb

@ltabb

1 year

He then said, SEC is worried about 340million US people, while US brokers, exchanges, retail brokers, and market makers were only worried about their P&L.

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Larry Tabb

@ltabb

4 years

I hate to think of it, but this will be a very successful initiative. Micro e-mini S&P500 contracts with 20x leverage, and targeted at retail investors..., what could go wrong?

John Lothian

@JohnLothian

4 years

US futures exchanges target retail investors with ‘mini’ contracts via @financialtimes

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Larry Tabb

@ltabb

7 months

This is pretty disturbing Bottled Water Contains More Plastic Particles Than Previously Thought

Bottled Water Contains More Plastic Particles Than Previously Thought

Researchers found hundreds of thousands of plastic particles in one-liter bottles of water sold in the US, 90% of them small enough to enter the human bloodstream.

www.bloomberg.com

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Larry Tabb

@ltabb

6 years

absolutely big news and not really unexpected. As @DavidMortimer6 said - BATS 2.0 and combine that with Chris Concannon going to @MarketAxess - lots of big market structure news this morning

Alexander Osipovich

@aosipovich

6 years

Exclusive! UBS, Fidelity, Virtu and others plan new 'Members Exchange' to take on NYSE/Nasdaq/Cboe triumvirate

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Larry Tabb

@ltabb

3 years

Retail Brokerage Economics - what is everyone fighting over between PFOF, Price Improvement and Wholesaler capture? Turns out, it's only 0.025% of proceeds. Wholesalers capture ~48.5% of spread & Investors capture 75% of balance. Full report on @TheTerminal NSN QYNH53DWX2Q4

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Larry Tabb

@ltabb

1 year

@GaryGensler at @BBGIntelligence Market Structure Event Clip @KatLeighDoherty asked if NYSE, Nasdaq, CitSec, & TD/Cowan, 4 folks that agree on very little are worried about US Equity Mkt Str Proposals, is the SEC worried. Chair said "No."

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Larry Tabb

@ltabb

3 years

PFOF & Gensler. Is there a better way? New piece on @TheTerminal re: PFOF ban alternatives. I looked PFOF conflicts, benefits and alternatives as well as why Canada, UK and Australia may not be great market structure role models for retail {NSN QZ7TX4T0G1L2 <GO>}

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Larry Tabb

@ltabb

3 years

I just ran IEX's Oct '21 605 Average E/Q= 100.69 S&P- 114.09 / Non S&P - 99.60. Citadel avg - 61.0 Virtu 63.8 G1X 50.8 2 Sig - 80.1 UBS - 65.1 Jane 46.5 For folks not in weeds E/Q=% of half spread MMs capture - lower=better for investors. 100=b/o spread. +100=outside spread

Dave W

@daveweisberger1

3 years

@ltabb @chucktowntrader True, but don’t forget IEX/Brad sending mass mailings to retail traders with a form letter to direct their broker to AVOID Best Execution & route directly to IEX. An action that, if taken, would have cost those investors MILLIONS and profited IEX… I certainly won’t forget.

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Larry Tabb

@ltabb

3 years

A real nothing burger here. While this is what I/we have been trying to tell the world, seems like the SEC didn't signal any red flags. @SECGov

Alexander Osipovich

@aosipovich

3 years

No bombshells in GameStop report; SEC says "positive sentiment" of hundreds of thousands of investors, not short-covering or gamma squeezes, fueled the big GME rally in January. From my colleague @pkwsj

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Larry Tabb

@ltabb

10 months

Three guys who were instrumental in developing today’s market structure. Brian Nigito Jane St (ISLD), Jon Herrick NYSE (Bbg Tradebook) center, and Adam Nunes, HRT (NDAQ) left. Great discussion. @STA_National

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Larry Tabb

@ltabb

4 years

We just got our first piece of #COVID19 art. "Fully Stocked" by @laurielipton A new piece from her Mad Housewife series. And pretty apropos for the time Its pretty tame for Laurie but its very cool and an amazing piece of work - all done in ink and charcoal. Now time to frame

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Larry Tabb

@ltabb

1 month

Dan would be a great Chair. He understands the business like not too many folks in DC and is a good, down to earth, kind of guy who would be a good consensus builder, which after the current chair would be..., nice. @DanGallagherDC if I had a vote... :-)

Lark Davis

@TheCryptoLark

1 month

Rumors are floating that Dan Gallagher might replace Gensler in a Trump administration. Gallagher is the Chief Legal Officer at Robinhood and has served as an SEC commissioner during Obama's term. Like this post if you think Gallagher will be pro-crypto if elected.

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Larry Tabb

@ltabb

4 years

NJ Transaction Tax - Off the table! According to the NJ Globe, Murphy tabled transaction tax plan "N.J. won’t push for tax on stock trades"

N.J. won't push for tax on stock trades - New Jersey Globe

A tax on stock trades floated by Gov. Phil Murphy is off the table as part of a 2021 budget deal that will include a millionaires tax and a middle class

newjerseyglobe.com

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Larry Tabb

@ltabb

6 years

Citi's revolutionary new #Crypto strategy packages crypto as an ADR - except they call it a DAR. I guess they are DARing it to be successful :-) @CaitlinLong_ @fintechfrank

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Larry Tabb

@ltabb

4 years

Putting a finer point on it - Research biz challenges exacerbated by Coronavirus, eliminating Tabb’s ability to produce events has made it impossible for Tabb Group to deliver high-quality research and svs to our clients, while compensating our staff appropriately.

Larry Tabb

@ltabb

4 years

Sad news. The TABB Group board just pulled the plug on @TABBGroup @TabbFORUM @TABB_Training We will be shutting down as of today and putting assets up for sale I want to thank everyone that has supported the company, our folks, and me personally over the past 17 years

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Larry Tabb

@ltabb

8 years

To my wonderful bride: Happy Anniversary. To spending another 883,612,800,000,000 microseconds with you

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Larry Tabb

@ltabb

1 year

UBS just announced that it is shutting down the @CreditSuisse Crossfinder ATS as of 8/31. CrossFinder was one of the first broker dark pools and was fined by the SEC in 2016

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Larry Tabb

@ltabb

4 years

Our Mkt Structure Dashboard went live! {BI MKTSG SUM<GO>} Besides our research it has - Equity Volumes (Values) - PfOF for top retail brokers & market makers - Retail Volumes EQ&Opt - Mkt Mkr Price Improvement - Equity Avg Spreads - Exchange Revs & - Odd lot data Enjoy

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Larry Tabb

@ltabb

3 years

US Institutional Equity Trading 2020 Trends Report Trading geeks - our US Institutional Equity Trading 2020 Trends report was just put out for download by all Everyone can find it here

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Larry Tabb

@ltabb

5 years

Rocking out with the Chairman ⁦ @giancarloCFTC ⁩

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