Themis Trading Blog

Southeastern’s Letter on Market Structure and HFT Is A Must Read

16

Apr, 2014

memphis

It’s been a while since we have heard from the good folks at Southeastern Asset Management.  You may recall that back in 2010, Southeastern voiced their concerns over our equity market structure with a strongly worded  comment letter  to the SEC.  At the time, they were one of the few institutional voices to express their concern over questionable practices like rebates and data feeds. Since then, many more institutional and retail voices have spoken up while our regulators continue to flounder and search for “data-driven” solutions.

We were very happy to see that…
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No, Arthur! We Are Not All High Frequency Traders Now

14

Apr, 2014

levitt1

No, Arthur! We are not all high frequency traders now.  We say this in response to a WSJ op-ed written by Arthur Levitt and Burton Malkiel titled “We’re All High-Frequency Traders Now”.  Levitt and Malkiel wrote:

“It’s easy to stir up fear over such trading activity, but most stock-market volume is conducted over these high-speed networks. And whether you’re buying 100 shares of a stock or 100,000 shares, you directly or indirectly participate. We’re all high-frequency traders now.”

We think Levitt and Malkiel are confusing high frequency trading with low-latency connections. The…
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“Principal” Matters

09

Apr, 2014



Alpha Plumbing – Oliver Wyman Paper

08

Apr, 2014



1215095 – The Flash Boys Mystery Solved

07

Apr, 2014



How To Explain Colocation and High Speed Data Feeds to Luigi The Barber

04

Apr, 2014



The Beginning of The End for the Maker/Taker Model

03

Apr, 2014



Themis Trading’s Take On “Flash Boys”

01

Apr, 2014



In Advance of Flash Boys – Let’s Again Talk Latency Arb

27

Mar, 2014



Good Data Bad Data Part II – CFTC

26

Mar, 2014



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