|
From: Ron Hovanec
I just read the comment letter from David M. Weisberger of Markit https://www.sec.gov/comments/10-222/10222-394.pdf In it he has a "study" where he allegedly shows that the traders using IEX lost money on trades. But there are severe flaws in that study. First he only uses market orders. During his time frame those markets orders were less than 1% of the volume at IEX. Hardly a representative sample. I wonder why he used such a small sample size. What was he hiding? Second he says he used Rule 605 public data. But that data does not include spreads when those trades were made. He does not show where he got that spread data. A study that includes data that is not public can not be trusted. Ron Hovanec |