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

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here:

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have a WatersTechnology account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: