Exchanges Shouldn't Internalize For Profit, Says Headlands' Andresen
Matthew Andresen, president of quant trading firm Headlands Technologies, called the issue of internalized trade flow by exchanges a thorny one. During a presentation on market structure history at TradeTech West in San Francisco, he said that exchanges should be allowed to operate entities that encourage or facilitate internalization, but should not be able to internalize trades for profit.
NYSE's recently-instituted Retail Liquidity Program, which shunts retail orders to a dark pool with sub
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