The problem with this essay is that it conflates the needs of a large institutional investors like Yale with the needs of small investors (like you and me). In many cases these needs can be inverted.
Yale wants to buy and sell large blocks of stock without the price moving away from them.
I want to buy and sell stock at the best possible price with all of the latest information transmitted to the market as fast as possible.
This is why Yale would prefer to trade in "darker" exchanges like IEX and most retail investors should prefer other exchanges.
Yale wants to buy and sell large blocks of stock without the price moving away from them.
I want to buy and sell stock at the best possible price with all of the latest information transmitted to the market as fast as possible.
This is why Yale would prefer to trade in "darker" exchanges like IEX and most retail investors should prefer other exchanges.