We have watched in recent weeks increased scrutiny to the highly opaque world of HFT. We are happy to have aided many others in shining a light on these murky waters. We are less than happy, however, to hear our name sullied by some, who have accused us of self promotion. We have a history of having our goals alligned with the buyside, and we stand by that history. We make these observations: 1. In recent years exchanges have become for-profit, and less regulated, and more self-regulated. 2. In recent years trading technology has become increasingly sophisticated. 3. In recent (more…)

The three HFT horsemen are C, BAC and CIT.  These three stocks traded 860 million shares today which is 10% of all US Equity volume.  Think about that – 3 stocks in a universe of over 5000 U.S. stocks represented 10% of the volume.  How could this be?  Look at the intraday chart of all three of these stocks and you will see a something in common: an early morning move followed by a flatline with a very tight range (around .05).  Meanwhile, while these stocks were flatlining the market was heading higher.  The S&P 500 gained around 10 points (more…)

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