We have certainly come a long way in the market structure debate. It was almost three years ago that we released a paper called “Toxic Equity Trading” that highlighted some troubling issues in the equity market, most notably the rise in high frequency trading. Soon after that paper was released in December 2008, events started happening quickly in the equity markets. There was the Goldman Sachs programmer who got arrested for stealing computer code, the “flash order” controversy, the SEC Concept Release and of course the Flash Crash.
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