And so it begins.  The HFT crowd has launched their defense.  As we all know, the HFT crowd is a secretive bunch so their defense is being launched though various surrogates who have their own self interest at hand.  First, there are the brokers.  We have seen many of these “client” letters from brokers over the past week and they all seem to have the same theme:  The HFT attack was launched by self interested market participants and it is filled with erroneous statements and misinformation.  They all also now seem to be against “flash orders”. We wonder where these (more…)

In recent weeks we have had numerous conversations with academia, media, mutual fund traders, hedge fund traders, high frequency proponents, as well as other brokerage firms. Sometimes little fights and arguments take away the importance of our biggest points and objections. This is probably true in life in general, incidentally, but for the sake of the industry we love, we would like to wake up today and repeat a few important points. 1) We have a history of being technology able. We have a history of being nimble. And we have a history of having our goals completely aligned with (more…)

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