“We need the SEC to require tagging and disclosure of high-frequency trades and quickly implement a consolidated audit trail so that objective and independent analysts — in academia, private analytic firms, the media and elsewhere — are given the opportunity to study and discern what effects high-frequency trading strategies have on long-term investors. They can also help determine which strategies should be considered manipulative.” Pop quiz: Who said the above quote and when? Answer:  Former Senator Ted Kaufman (D-DE) said those words on September 28, 2010 in his final speech on the Senate floor. It’s been over seven years since Senator Kaufman (more…)

  According to Politico, three members of the House Financial Services Committee, Rep.Hensarling (R-TX), Rep. Huizenga (R-MI) and Rep. Hultgren (R-IL), have asked the SEC to delay the Consolidated Audit Trail (CAT). We are not surprised to hear this since industry insiders have been setting this up for the past few weeks.  When the industry decides to go after something, they usually leave Sasquatch-sized footprints for everyone to see like yesterday’s WSJ op-ed titled “The SEC Plans to Collect Too Much Information” .  The piece was co-written by Harvard’s Hal Scott who has also been very busy defending HFT over the past few (more…)

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Aug, 2017