Comments for Themis Trading Blog http://blog.themistrading.com Independent No Conflict Agency Trading for Institutional Investors Thu, 12 Aug 2010 20:44:39 +0000 http://wordpress.org/?v=2.9.2 hourly 1 Comment on Sen Schumer echoes suggestions of HFT industry by Thursday Linkage | The Big Picture http://blog.themistrading.com/?p=1253&cpage=1#comment-1264 Thursday Linkage | The Big Picture Thu, 12 Aug 2010 20:44:39 +0000 http://blog.themistrading.com/?p=1253#comment-1264 [...] • Themis Trading: Sen. Shumer is HFT Industry’s Bitch (Themis) [...] [...] • Themis Trading: Sen. Shumer is HFT Industry’s Bitch (Themis) [...]

]]> Comment on Sen Schumer echoes suggestions of HFT industry by Is Chuck Schumer’s Market "Activism" Merely A Cover Up For Protecting HFT Lobby Interests? « Finance Blog http://blog.themistrading.com/?p=1253&cpage=1#comment-1263 Is Chuck Schumer’s Market "Activism" Merely A Cover Up For Protecting HFT Lobby Interests? « Finance Blog Thu, 12 Aug 2010 20:32:50 +0000 http://blog.themistrading.com/?p=1253#comment-1263 [...] Themis Trading explains: [...] [...] Themis Trading explains: [...]

]]> Comment on Sen Schumer echoes suggestions of HFT industry by Sen. Schumer on High Frequency Trading - MarketBeat - WSJ http://blog.themistrading.com/?p=1253&cpage=1#comment-1262 Sen. Schumer on High Frequency Trading - MarketBeat - WSJ Thu, 12 Aug 2010 19:29:38 +0000 http://blog.themistrading.com/?p=1253#comment-1262 [...] folks over at Themis Trading, who have been getting lots of attention as some of the most outspoken critics of HFT practices say [...] [...] folks over at Themis Trading, who have been getting lots of attention as some of the most outspoken critics of HFT practices say [...]

]]> Comment on 39 Cent Hamburgers and 8 Dollar Trades? by traderdc http://blog.themistrading.com/?p=1229&cpage=1#comment-1258 traderdc Wed, 04 Aug 2010 14:03:43 +0000 http://blog.themistrading.com/?p=1229#comment-1258 Sal, I thought when Joe was away you would be able to let up and relax...you are a pit bull this week. Its all good...the HFTs add liquidity and reduce cost..Larry Tabb says so, so it must be true. mmmmmmm $0.39 burger....oh yeah. My buddy Larry tells me they taste great. Sal, I thought when Joe was away you would be able to let up and relax…you are a pit bull this week. Its all good…the HFTs add liquidity and reduce cost..Larry Tabb says so, so it must be true.

mmmmmmm $0.39 burger….oh yeah. My buddy Larry tells me they taste great.

]]> Comment on What costs $1.8 billion dollars and people go there all day to gamble? by traderdc http://blog.themistrading.com/?p=1212&cpage=1#comment-1257 traderdc Wed, 04 Aug 2010 10:28:51 +0000 http://blog.themistrading.com/?p=1212#comment-1257 Another TABB number that is way too high...typically when Tabb posts a number you should divide by 3 or 4 to get the real number. $1.8 billion suggests 10,000 racks at $15k per month...nice try though. Put that one up there with the 20% market share they gave dark pools 2 years ago, and the $21 Billion the HFTs are making...brutal. Another TABB number that is way too high…typically when Tabb posts a number you should divide by 3 or 4 to get the real number. $1.8 billion suggests 10,000 racks at $15k per month…nice try though. Put that one up there with the 20% market share they gave dark pools 2 years ago, and the $21 Billion the HFTs are making…brutal.

]]> Comment on CSCO: Another halt because of erroneous trades by Market Talk » Blog Archive » Another Trading Halt That Shouldn’t Have Happened http://blog.themistrading.com/?p=1207&cpage=1#comment-1241 Market Talk » Blog Archive » Another Trading Halt That Shouldn’t Have Happened Thu, 29 Jul 2010 20:22:16 +0000 http://blog.themistrading.com/?p=1207#comment-1241 [...] NYSE Amex, we have another trading halt that should not have happened,” Saluzzi says on his blog. “‘Cooler heads got to prevail’ is what we will hear and that the circuit [...] [...] NYSE Amex, we have another trading halt that should not have happened,” Saluzzi says on his blog. “‘Cooler heads got to prevail’ is what we will hear and that the circuit [...]

]]> Comment on Perspective by sarnuk http://blog.themistrading.com/?p=1192&cpage=1#comment-1239 sarnuk Mon, 26 Jul 2010 16:12:24 +0000 http://blog.themistrading.com/?p=1192#comment-1239 Natan, We wish you luck in your endeavors. Natan, We wish you luck in your endeavors.

]]> Comment on Perspective by Natan http://blog.themistrading.com/?p=1192&cpage=1#comment-1238 Natan Mon, 26 Jul 2010 14:04:10 +0000 http://blog.themistrading.com/?p=1192#comment-1238 Sal - what exactly would you have exchanges/MTFs do differently that you believe would make our markets more efficient and effective for capital formation? I understand that you believe high-frequency trading to be detrimental to the market as a whole. But aside from bleating that "It's not fair", what do you want to happen next? Is there any substance behind your position? As an MTF operator, our whole mission is to build a better market that appeals to the widest possible group of market participants - and we devote a great amount of energy to the needs of institutional investors who reach our market via brokers. So with all your 'perspective', what can you see that I can't? What would you recommend exchanges do? Natan (Turquoise) Sal – what exactly would you have exchanges/MTFs do differently that you believe would make our markets more efficient and effective for capital formation?

I understand that you believe high-frequency trading to be detrimental to the market as a whole. But aside from bleating that “It’s not fair”, what do you want to happen next? Is there any substance behind your position?

As an MTF operator, our whole mission is to build a better market that appeals to the widest possible group of market participants – and we devote a great amount of energy to the needs of institutional investors who reach our market via brokers.

So with all your ‘perspective’, what can you see that I can’t? What would you recommend exchanges do?

Natan (Turquoise)

]]> Comment on The Man in the Arena by Natan http://blog.themistrading.com/?p=1114&cpage=1#comment-1229 Natan Mon, 28 Jun 2010 16:25:39 +0000 http://blog.themistrading.com/?p=1114#comment-1229 Joe - your characterisation of specialists doesn't resonate with me - they were the ones caught abusing their priveledges, stepping in front of client orders, consistently making the type of returns-on-capital normally associated with monopolies (and indeed they had no competitors in their own stocks). By contrast, HFT firms have to compete and enjoy no priveledges - although you argue that by outspending the buyside on technology they are able to extract a competitive advantage. The market is fairer now than it was then, but it's MUCH more competitive than it was - and some of the competitors are insanely smart. We both agree that trading institutional orders has got tougher - but we disagree on what should be done about it. Of course, we can probably both be right (or wrong) at the same time! Joe – your characterisation of specialists doesn’t resonate with me – they were the ones caught abusing their priveledges, stepping in front of client orders, consistently making the type of returns-on-capital normally associated with monopolies (and indeed they had no competitors in their own stocks). By contrast, HFT firms have to compete and enjoy no priveledges – although you argue that by outspending the buyside on technology they are able to extract a competitive advantage. The market is fairer now than it was then, but it’s MUCH more competitive than it was – and some of the competitors are insanely smart. We both agree that trading institutional orders has got tougher – but we disagree on what should be done about it. Of course, we can probably both be right (or wrong) at the same time!

]]> Comment on More conflicted exchange comments by Natan http://blog.themistrading.com/?p=1120&cpage=1#comment-1228 Natan Mon, 28 Jun 2010 16:10:55 +0000 http://blog.themistrading.com/?p=1120#comment-1228 Hey Joe – nice to hear from you. As we both know, I did get in touch to let you know how your white paper had impacted European markets, and to say thanks – not sure why choose to represent the facts differently. I do think you’ve been raising some interesting questions, but that you’ve been doing yourselves and the industry a diservice by doing so in a sensationalist and prejorative fashion. Of course, I welcome the debate, which is why I chose to publish your comments alongside my own blog – and I thank you for letting your customers read my thoughts and make up their own minds. Hey Joe – nice to hear from you. As we both know, I did get in touch to let you know how your white paper had impacted European markets, and to say thanks – not sure why choose to represent the facts differently. I do think you’ve been raising some interesting questions, but that you’ve been doing yourselves and the industry a diservice by doing so in a sensationalist and prejorative fashion. Of course, I welcome the debate, which is why I chose to publish your comments alongside my own blog – and I thank you for letting your customers read my thoughts and make up their own minds.

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