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	<title>Themis Trading Blog</title>
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	<link>http://blog.themistrading.com</link>
	<description>Independent No Conflict Agency Trading for Institutional Investors</description>
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		<title>How Much Does A Seat At The Regulatory Roundtable Cost?</title>
		<link>http://blog.themistrading.com/how-much-does-a-seat-at-the-regulatory-roundtable-cost/</link>
		<comments>http://blog.themistrading.com/how-much-does-a-seat-at-the-regulatory-roundtable-cost/#comments</comments>
		<pubDate>Tue, 14 May 2013 12:45:59 +0000</pubDate>
		<dc:creator>jsaluzzi</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://blog.themistrading.com/?p=4988</guid>
		<description><![CDATA[We have known for years that HFT lobbyists have been all over Washington DC trying to protect their industry.  But thanks to a new report  just issued by the Citizens For Responsibility And Ethics In Washington (CREW), we now know just how much money that they have spent.  The report states that since 2008 high [...]]]></description>
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		<slash:comments>0</slash:comments>
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		<title>The SEC Just Brought The Hammer Down On The Stock Exchanges</title>
		<link>http://blog.themistrading.com/the-sec-just-brought-the-hammer-down-on-the-stock-exchanges/</link>
		<comments>http://blog.themistrading.com/the-sec-just-brought-the-hammer-down-on-the-stock-exchanges/#comments</comments>
		<pubDate>Fri, 10 May 2013 12:46:58 +0000</pubDate>
		<dc:creator>jsaluzzi</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://blog.themistrading.com/?p=4977</guid>
		<description><![CDATA[It seems that at least once a week we are writing about some shenanigans at the stock exchanges.  In the past, we have highlighted conflicts of interests at the exchanges including hidden order leakage, high speed data dissemination to select clients first and mega tier rebates for only the biggest HFT&#8217;s. We have long targeted [...]]]></description>
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		<slash:comments>0</slash:comments>
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		<title>NJ Rep. Scott Garrett&#8217;s Brand Spankin&#8217; New Market Structure Roundtable!</title>
		<link>http://blog.themistrading.com/nj-rep-scott-garretts-brand-spankin-new-market-structure-roundtable/</link>
		<comments>http://blog.themistrading.com/nj-rep-scott-garretts-brand-spankin-new-market-structure-roundtable/#comments</comments>
		<pubDate>Thu, 09 May 2013 12:13:45 +0000</pubDate>
		<dc:creator>sarnuk</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://blog.themistrading.com/?p=4967</guid>
		<description><![CDATA[&#160; Rep Garrett is holding a Market Structure Roundtable on Monday May 13th, 2013 that will focus on market fairness and consequences of Reg NMS, implemented in 2007. This will not be the first roundtable that Garrett has attached his name to. Nearly a year ago he presided over a roundtable that addressed virtually the [...]]]></description>
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		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Happy Third Flash Crash Anniversary!</title>
		<link>http://blog.themistrading.com/happy-third-flash-crash-anniversary/</link>
		<comments>http://blog.themistrading.com/happy-third-flash-crash-anniversary/#comments</comments>
		<pubDate>Mon, 06 May 2013 12:53:20 +0000</pubDate>
		<dc:creator>sarnuk</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://blog.themistrading.com/?p=4960</guid>
		<description><![CDATA[&#160; We co-wrote a white paper with investor R.T Leuchtkafer, What’s Changed Since The Flash Crash, over two years ago, and thought it would be useful to read it again, specifically as it references the CFTC-SEC Advisory Commission on Emerging Regulatory Issues and their 14 recommendations in the aftermath of May 6th 2010. Those CFTC-SEC [...]]]></description>
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		<slash:comments>0</slash:comments>
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		<title>The Hatfields and McCoys of the Stock Market</title>
		<link>http://blog.themistrading.com/the-hatfields-and-mccoys-of-the-stock-market/</link>
		<comments>http://blog.themistrading.com/the-hatfields-and-mccoys-of-the-stock-market/#comments</comments>
		<pubDate>Fri, 03 May 2013 13:10:14 +0000</pubDate>
		<dc:creator>jsaluzzi</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://blog.themistrading.com/?p=4951</guid>
		<description><![CDATA[For years now, the NYSE and NASDAQ have battled each other like the Hatfields and the McCoy&#8217;s.  They used to feud about which model was better &#8211; the specialist, auction system or the competing market maker system.  Now that Reg NMS has made that argument a moot point, there really is not much difference between [...]]]></description>
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		<slash:comments>0</slash:comments>
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		<title>Built-In Loop Holes Are The Foundation for Liquidity In Our Markets</title>
		<link>http://blog.themistrading.com/built-in-loop-holes-are-the-foundation-for-liquidity-in-our-markets/</link>
		<comments>http://blog.themistrading.com/built-in-loop-holes-are-the-foundation-for-liquidity-in-our-markets/#comments</comments>
		<pubDate>Wed, 01 May 2013 12:34:35 +0000</pubDate>
		<dc:creator>jsaluzzi</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://blog.themistrading.com/?p=4943</guid>
		<description><![CDATA[The Chicago Mercantile Exchange (CME) is the largest futures exchange in the US. Traditionally the CME has been a crucial place for farmers and food companies to hedge risk, be they in soy, wheat, energy, or hog futures. Today, the CME’s largest customers should be no surprise to you however – they are high frequency [...]]]></description>
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		<slash:comments>0</slash:comments>
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		<title>Even Industry Recognizes Need For Speed Limits</title>
		<link>http://blog.themistrading.com/even-industry-recognizes-need-for-speed-limits/</link>
		<comments>http://blog.themistrading.com/even-industry-recognizes-need-for-speed-limits/#comments</comments>
		<pubDate>Mon, 29 Apr 2013 11:28:35 +0000</pubDate>
		<dc:creator>sarnuk</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://blog.themistrading.com/?p=4936</guid>
		<description><![CDATA[&#160;   The Financial Times reported on April 28th, 2013 that high frequency traders are, for the first time, facing speed limits on a major trading platform – in the foreign exchange markets. EBS, one of the two dominant trading platforms in the FX space, is proposing scrapping altogether time-price priority (“first in first out” [...]]]></description>
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		<slash:comments>1</slash:comments>
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		<item>
		<title>Are Investors Normalizing Deviant Events?</title>
		<link>http://blog.themistrading.com/are-investors-normalizing-deviant-events/</link>
		<comments>http://blog.themistrading.com/are-investors-normalizing-deviant-events/#comments</comments>
		<pubDate>Fri, 26 Apr 2013 14:14:02 +0000</pubDate>
		<dc:creator>jsaluzzi</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://blog.themistrading.com/?p=4932</guid>
		<description><![CDATA[Another day, another glitch.  Yesterday, the CBOE halted trading most of the day due to a software glitch.  This comes two days after the fake AP tweet that rocked the markets.  While there was a huge amount of media attention on both situations, the takeaway seems to be that investors don&#8217;t seem to really care. [...]]]></description>
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		<slash:comments>0</slash:comments>
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		<title>The Influence Of The For Profit Exchanges</title>
		<link>http://blog.themistrading.com/the-influence-of-the-for-profit-exchanges/</link>
		<comments>http://blog.themistrading.com/the-influence-of-the-for-profit-exchanges/#comments</comments>
		<pubDate>Thu, 25 Apr 2013 12:56:37 +0000</pubDate>
		<dc:creator>jsaluzzi</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://blog.themistrading.com/?p=4928</guid>
		<description><![CDATA[The influence of the high frequency trading never ceases to amaze us.  Every time a finger is pointed at them, they usually roll out the big guns to quickly squash the issue.  Most of the time they roll out an academic to point out that HFT &#8220;adds liquidity and shrinks spreads&#8221;.  But this tactic has [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Fake Tweets and Broken Markets</title>
		<link>http://blog.themistrading.com/broken-markets-twitter-style/</link>
		<comments>http://blog.themistrading.com/broken-markets-twitter-style/#comments</comments>
		<pubDate>Tue, 23 Apr 2013 22:58:18 +0000</pubDate>
		<dc:creator>sarnuk</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://blog.themistrading.com/?p=4918</guid>
		<description><![CDATA[&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; Sal Arnuk @ThemisSal; Joe Saluzzi @JoeSaluzzi Partners at Themis Trading, co-authors of Broken Markets: http://brokenmarkets.com/  RT&#8217;s not endorsements, and tweets may/may not represent the views of our employer. Chatham, NJ · http://www.themistrading.com/   The @AP a fraud did hack. They fake-tweeted a White House Attack. [...]]]></description>
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