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We are working a buy order for a customer of ours (it is not in the large cap top 100 names where HFT blesses us with their liquidity), and trying to float our bid in as the market is heavy. Essentially, we are bobbing and weaving, changing our trading venues, and pegging at times off the bid side of the NBBO. Some predatory proprietary algorithm keeps trying to join us on the bid on the ISE, so as to stop our pegged bid from further floating down, so that they can short us stock at inflated prices in our destination
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Please see the Wall Street Journal Online Edition: http://online.wsj.com/article/BT-CO-20091018-703738.html Mobius Rounds On High-Frequency Traders – Financial News By William Hutchings Of FINANCIAL NEWS Veteran fund manager Mark Mobius has hit out at high-frequency traders, a growing force in global equity markets, who use software to spot patterns and profit from tiny price movements. Referring to a review instigated by the US Congress this summer, Mobius, an emerging markets fund manager at U.S. firm Franklin Templeton, said in an interview with Financial News: “I am very glad Congress is cracking down on high-frequency trading. Some pundits say it???s great, because liquidity
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