I am a believer in daylight. Exchange arbitrage, stock or options, letting price "improvement" in fractions of a cent in front of resting orders that are providing the true liquidity to occur, etc etc only benefit insiders. Go back to when Nasdaq stocks traded on the phone which would be an extreme number of exchanges and dealers didn't pick up their phones when there was a crash.
I prefer the futures model where everything is on one exchange.
I am a believer in daylight. Exchange arbitrage, stock or options, letting price "improvement" in fractions of a cent in front of resting orders that are providing the true liquidity to occur, etc etc only benefit insiders. Go back to when Nasdaq stocks traded on the phone which would be an extreme number of exchanges and dealers didn't pick up their phones when there was a crash.
I prefer the futures model where everything is on one exchange.