CHX Moots LTAD Pilot To Allay Market Maker Concerns Over ‘Speed Bump’
CXH hits back at claims that its liquidity-taking delay is designed to garner more market data revenues for the exchange.
CHX says the goal of LTAD is to protect market-makers from latency arbitrage, though critics say the delay will negatively impact the markets. For example, Citadel Securities claims that LTAD violates the Firm Quote Rule because it will “enable liquidity providers to once again selectively honor quotations, thereby eroding investor confidence in the accuracy and availability of displayed quotations.”
“Although CHX says this will only hurt latency arbitragers, the truth is that it will hurt
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