The SEC Reg-NMS document calls light to "complex order types". I find it weird that the SEC says "complex order types" yet Direct Edge BATS wants to now use the term "characteristic" to describe order types.
From the Reg-NMS Doc back in 2005 (Page 165, last paragraph):
From Direct Edge Filing With SEC In July 2014 (Page 10)
From the Reg-NMS Doc back in 2005 (Page 165, last paragraph):
Our near and oh-so-dear friends over at Direct Edge are seeking to no longer use the term "special order type" and will now desire to use the word "characteristic". This decision was made in the months before it merged with BATS, something regulators most likely pushed for, much like they did when William O'brien was let go.
From Direct Edge Filing With SEC In July 2014 (Page 10)
Who knows. Screw Direct Edge, after all in-case you may have missed it, VICE did a sick bit on Bodek's trip to hell and back thanks to the snakes at BATS and Direct Edge...everyone needs some edge, right Billy Boy? It's all in "good faith".
@obrienedge I did. Why didn't you talk about the benefits of locking a market and the info that can be gained?
— CalConfidence (@CalConfidence) October 30, 2013
@CalConfidence then don't say we ignored it. You may not like current market structure but don't knock a good faith effort to explain it.
— William O'Brien (@obrienedge) October 30, 2013
@obrienedge bury the skeletons in BATS, I'll still know
— CalConfidence (@CalConfidence) October 30, 2013
