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Market Microstructure

@MMicrostructure

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Opened medium sized position on Kaspi.kz $KSPI Sharing our analysis: 1/10 Kaspi is Kazakhstan’s dominant fintech super-app (payments, marketplace, BNPL, banking). It handles ~80% of digital payments, tapping a highly digitalized population.


This Monday (Nov 3) new odd lots rules are starting in US equity markets. #NFLX new lot is at 10 shares. But they just announced a 1:10 stock split. For a while they would trade at 10 shares per lot when they shouldn't. Good luck to quant models. @tracyalloway @TheStalwart


Surprised that $AII and $HRTG are not pushed higher given the peak hurricane season is quiet and dry wind still present from Sahara.


In US equities, Iceberg order is when a small part of your order is visible (LIT) and the rest is HIDDEN. Once the visible part is executed, another portion of visible order is posted from your HIDDEN pool. Obviously, the second batch of visible shares lose time priority.


April 7th 2025 had such a high volume in US Equity markets that quant shops now have to adjust their memory limits higher when sending backtest sims to cloud providers. Many don’t have a way to configure a resource bump for a single day, so they set it for the whole period, waste


FILL or KILL order is when you want to make sure your order is either executed in full or canceled - no partial fill.


HFT engineers be arguing about virtual function calls for days... to only forget to enable kernel bypass in production.


On November 3rd, 2025 new amendments for Reg. NMS go into effect. Odd lots are interesting one. For stocks above $250 round lot becomes 40, above $1,000 - 10 shares, above $10,000 - 1 share. Wonder how many quant models would go haywire. FYI @TheStalwart


United States トレンド

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