On April 11th at 6:01 pm, NYSE ARCA sent this Trader Update: On Thursday, April 13th at 6:18 pm (right before a three-day holiday weekend), NYSE ARCA sent this follow up Trader Update : You may have not known about this situation since NYSE tried to bury the news right before the three-day holiday weekend.  While NYSE was successful in keeping the news from the media, we always read our “Trader Updates” and were very disturbed by their revelation. Let’s take a look at what happened on Monday, April 10th: NYSE ARCA did not read quotes from NYSE and NYSE MKT on April 10th.  Apparently, (more…)

Once upon a time, in the year 2010, the SEC asked our entire industry to weigh in on its assessment of existing equity market structure. It issued the 2010 Equity Market Structure Concept Release, where the SEC expressed concern about dark liquidity, fair access and two tiered markets, market data pricing, HFT, and Reg NMS in general, including the functioning of markets with the Order Protection Rule (OPR), and even asked whether the SEC should consider  a Trade-At Rule. They received hundreds of comment letters.   Amazingly, pre-May 6th Flash Crash, HFT firms, stock exchanges, and broker dealers tripped over (more…)

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Mar, 2017