Themis Trading Blog

HFT “White Hats” or “Black Hats”?

23

Jan, 2015

chilton2

We really liked Bart Chilton when he was at the CFTC.  But since he left and joined forces with the Modern Markets Initiative (MMI), we have been confused about his message.  Just to refresh your memory, the MMI was started by four HFT firms—Tower Research Capital, Hudson River Trading, Quantlab Financial, and Global Trading Systems (GTS) —to demonstrate the benefits of high frequency trading. Chilton hooked up with them last year and has been their high profile spokesperson often praising their virtues.  While Chilton has repeatedly claimed that MMI’s members are the good guys of HFT, he…
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Why Did It Take The SEC So Long To Discover The UBS Dark Pool Violations?

16

Jan, 2015

ubs

The Securities and Exchange Commission (“Commission”) deems it appropriate and in the public interest that public administrative and cease-and-desist proceedings be, and hereby are, instituted pursuant to Section 8A of the Securities Act of 1933 (“Securities Act”) and Sections 15(b) and 21C of the Securities Exchange Act of 1934 (“Exchange Act”) against UBS Securities LLC (“UBS”).

 Summary of SEC Findings

Yesterday the SEC accepted a settlement offer from UBS in excess of $14 million, where UBS neither admitted nor denied the findings, resulting from how UBS ran its dark pools….
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Sexy and Seventeen! (New SEC Equity Market Structure Advisory Committee)

14

Jan, 2015



“HFT Influence” – The Real Story Behind the Latest Stock Exchange Fine

13

Jan, 2015



NASDAQ, Dark Pools, Flip Flops, and Industry Advice in General

12

Jan, 2015



Calling The Grownups – We May Have A Grand Compromise!

18

Dec, 2014



IEX Calls Out The Exchanges On Their Conflicts of Interests

15

Dec, 2014



Transaction Costs and Sound Bites

11

Dec, 2014



Let’s Play Spin Doctor!

09

Dec, 2014



“It’s The Data, Stupid”

03

Dec, 2014



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