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Saw this headline on on ZeroHedge.com, “Cramer Launches Flash Defense Campaign” http://www.zerohedge.com/article/cramer-launches-flash-defense-campaign At first I thought it had to be a misprint, since almost every major market participant has distanced themselves as far as possible away from flash orders. After the controversy reached a fever pitch in late July, almost every major broker issued letters to their clients saying that they did not participate in flash trading. NASDAQ and BATS voluntarily pulled their versions of flash on August 6th. And even proponents of high frequency trading have recently come out against flash trading.
So, how could Cramer say that flash
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September 22nd, 2009 at 4:37 pm
[...] Posted earlier on Themis Trading Blog [...]
September 22nd, 2009 at 10:06 pm
Could you please clarify in #3. Why does the broker opt to use a flash order?
Also in #4 ss this front running? If it is how did the front runner see your order before it hit the book?
September 23rd, 2009 at 7:55 am
Thanks for your comment!
Regarding (3) The broker chose to opt in; ask your broker if they opt in or out!
Regarding (4): Front running is a legal term applied when a broker “runs ahead” of their own clients order (Manning Rule). The subscriber in (4) is running ahead of someone else’s order. And yes, they saw your order before your order hit the book, or took the stock.