Themis Trading Blog

HFT Lobby Position Paper on Market Structure – and Trojan Horses


Oct, 2014

threat detected


It is quiet out there:

There has not been a major market structure failure in 2014, or at least anything of the magnitude of the 2010 Flash Crash, 2012 Knightmare, or 2013 NASDAQ Flash Freeze.

It’s been a while since we heard anything about AG Schneiderman’s dark pool and smart order router probe, or about progress on his Barclays action.

We have heard precious little from the SEC, since their daily parade of “market structure is of paramount importance” speeches in the wake of Michael Lewis’s Flash Boys.

The S&P has risen 7% this…
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Some Advice For Would-Be Corporate Bond Market Structure Reformers


Sep, 2014


The alarms are once again sounding for corporate bond market reform.  Blackrock published a note this week warning that the corporate bond market is “broken” and stated:

“We believe that the secondary trading environment for corporate bonds today is broken, and the extent of the breakage is masked by the current environment of low interest rates and low volatility, coupled with the positive impact of QE on credit markets. Market regulators are right to call for change now, while the benign state still exists. “

​Blackrock is concerned that…
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New SEC Data Proves What We Already Knew: Small Cap Spreads Are Wide and Liquidity Is Scarce


Sep, 2014

Order Type Madness Part CXXIII – Thanks Bloomberg!


Sep, 2014

Hi Manoj!


Sep, 2014

The Curious Case Of Latour Trading


Sep, 2014

September 11th 2014 – Empty Sky


Sep, 2014

Consumer Federation of America White Paper on Market Structure


Sep, 2014

The Forgotten Group


Sep, 2014

Guest Post: R.T. Leuchtkafer shows how poorly informed the LewisFiction Blog Is


Sep, 2014

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