There is absolutely no way this could advantage one trader over another... none.
I don't think this is right. Many traders run technical strategies that incorporate trading volume. A trader using the consolidated tape is at a disadvantage relative to another trader running the exact same strategy who uses the full feed.
For example, consider a simple predatory trading algorithm (someone trying to buy ahead of a big player who wants to move lots of shares). If a big player makes a bunch of trades in 99 share lots, they will completely sneak past the predator.
By using the word "predator" you are somehow implying that this is bad behaviour. I disagree with that. Is it somehow wrong to buy because you think the price will go up?
You are further implying that there is 0 market impact from trading odd lots. By "taking" 1 share you are reducing the supply in a symmetric manner. Both demand and supply will adjust to this new information, whether its disseminated to the tape or not.
I intend no value judgement by the use of the word "predator", it's simply a technical term. I'm strongly in favor of predatory trading - it prevents institutional investors from screwing over the little guy by hiding big trades and forcing their counterparties to suffer the price impact.
I'm not implying that there is 0 market impact from trading odd lots. The market will adjust to the new information. It's just that the guy looking at the consolidated feed will not be making a profit by helping it adjust.
I don't think this is right. Many traders run technical strategies that incorporate trading volume. A trader using the consolidated tape is at a disadvantage relative to another trader running the exact same strategy who uses the full feed.
For example, consider a simple predatory trading algorithm (someone trying to buy ahead of a big player who wants to move lots of shares). If a big player makes a bunch of trades in 99 share lots, they will completely sneak past the predator.