Remember slides like this? LOL. (click image for larger view)   Just over seven years ago, I was asked to participate in an SEC Market Structure Roundtable in Washington DC. Joining me on the High Frequency Trading Panel, besides HFT practitioners from RGM and Getco (and others), was Babson College’s Professor Michael Goldstein. He was notable at that time, as he asserted that the markets were trading too fast, with dubious benefit. His viewpoint was in stark contrast to the existing HFT Academic Study Consensus (see slide above). Professor Goldstein has a new study out titled High Frequency Trading Strategies, (more…)

  It’s rare that we witness an industry participant forego a potential profit for the sake of doing the right thing.  But that is exactly what Cowen did yesterday when they announced that they “made the strategic decision to discontinue the midpoint matching offering within the Millennium ATS (Cowen took over the Millennium dark pool when they completed the acquisition of Convergex).  Cowen CEO, Jeff Solomon, issued this statement: “Over the past several years, many of our clients have expressed frustrations with the amount of fragmentation in U.S. equity markets.  Some have also raised concerns regarding conflicts of interest that can arise in broker (more…)

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Mar, 2017