Order flow in dark pools does impact the price of a security. The market maker will eventually need to trade out of that position. If there is aggregate buying pressure in the dark pool, they will adjust their quotes in both dark and lit markets.
Thanks, regarding transaction fees, I was referring to slippage (should have said transaction cost). This depends a lot on your customers rebalancing settings, but it would be good to be able to compare that directly to VOO.
Its not the median they are worried about, its the 99th percentile. They _dont_ want to trade with Optiver, 2 Sigma, etc, or some hedge fund thats working a massive trade.
Trading with a highly sophisticated counterparty can be very costly and undo the small profit they have made from thousands of other trades.
Do you manage the portfolio of each customer individually? How closely will this match the target portfolio for smaller investment sizes? I see that there are minimum investment sizes. Do I need to buy at least one share of each member of the SP500 for instance?
How do transaction fees compare with expense ratios of, say, Vanguard? I see that you account for them in your backtest, but it would be helpful to represent that in terms of an expense ratio.
I built an OAuth proxy (only Auth0 currently works) hosted on Cloudflare workers. I'm a big fan of the self-hosted OAuth Proxy [1], but some projects don't lend themselves to hosting a container, sometimes you just want to set up a simple app on Heroku, Fly, Workers, etc. and have an auth proxy sit in front of it.
My solution also manages SSL via Cloudflare and integrates with Stripe for simple fixed-price subscription billing models. The idea here is to be able to iterate on product ideas quickly without spending a day each time figuring out authentication and billing.
I did set up a marketing site at the time so that others could use it, but I don't have any users, and I'm happy to maintain it just for my own projects (half a dozen now).
It took me 2-3 weeks to make so on net I have probably not saved much time, but it really helps reduce the friction of launching things which I think is valuable.