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this post was submitted on 22 Sep 2023
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The price updates whenever someone buys or sells, so doing that once a day may be a bit difficult to implement. Forbidding day-trading / imposing a minimum holding time on the other hand may be easier.
A queue type setup could likely work fine. Buyers and sellers could list their offers/requirements as a range. A round robin double blind auction matches buyers and sellers. The new price is calculated, based on this, and a new queue is opened.
Forbidding the various high profit rent seeking would be a little like trying to block a sieve. There are so many variants and workarounds, that closing them all would be difficult. It would also be a lot more vulnerable to being watered down, or declawed completely.
If once per day is too coarse, it could even work at once per hour. The key is it leaves time for people to think rather than reacting from gut instinct and high speed computer programs.
Sounds nice, but I guess the first step is to take control away from the likes of Citadel / Kenneth Griffin since they take advantage of all that information and they already get to bid against every order placed in real time.
I think our government should definitely get on that. In the meantime forbidding this kind of play aka taxing the living shit out of day-trading (like the current short-term/long-term gain system but actually painful in the very short term) should be pretty simple to implement.
I definitely agree with the need for short term fixes. Unfortunately, I suspect the core issues are inherent to the current system. Then again that applies to a lot of things at that level, and perfect is the greatest enemy of good.