Cezary Podkul

speaker

149 appearances 3 recordings 1 series first heard Mar 2018 last heard Jan 2020

Cezary Podkul’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Some Bonds Tied to Student Loans Won't Mature Until the 2070s · 9 Jan 2020 podcast

And the federal government is going to have to shoulder a good amount of that burden.

Thanks, JR.

WSJ Your Money Briefing · How Stock Price Gaps Cost Investors $2 Billion Per Year · 15 Feb 2019 podcast

Yeah, so the U.S.

stock market is very fragmented.

There are now 13 stock exchanges and dozens of off-exchange venues known as dark pools where orders may be executed.

So most of the time the market follows the law of one price in that there's just one best bid and one best offer for stocks sold across these markets.

And that's called the National Best Bidder Offer, which gets reported on a regulatory data feed called the Securities Information Processor.

And that's the price at which your broker must seek to execute your trades to ensure you get the best price.

But there are times when this national price can diverge from prices disclosed in proprietary data feeds that are sold by exchanges.

And that was the focus of the study.

The researchers found that about three-fourths of the trades they analyzed were executed during times when the best price is published on this market.

regulatory data feed were in sync with the best prices available in exchanges.

But about a quarter of them happened during a time when the exchange's data feeds showed a different, often a better price.

And that was what they drilled into, and they looked at, okay, what happened during that time, and did investors get the best price available at the time?

So it's because you've got these two sources of information, the data feeds sold by exchanges and this regulatory data feed where the best prices are reported, and they may not always be in sync.

So the best price that you see nationally may not necessarily be the best price that's reported at those exchanges.

And what the researchers did is they looked at, okay, at the time of the trade, what were these feeds showing?

And they showed that about a quarter of the time the trades are happening during the time when they were out of sync.

Yeah, exactly.

It's one of those things that, you know, individually might be small, but over time could add up to large amounts.

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