Themis Trading Blog

“HFT Influence” – The Real Story Behind the Latest Stock Exchange Fine

13

Jan, 2015

influence

Direct Edge was fined $14 million yesterday by the SEC for failure to disclose important information about how some of their order types worked.  Before we get into the details of this latest case, we thought it was important to give you a quick review on the controversies that have plagued Direct Edge over the past few years.

- In the summer of 2009,  Direct Edge was at the center of the “flash order” controversy  .  If you recall, Direct Edge was the first market center that employed flash orders in the equity market.  These orders…
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NASDAQ, Dark Pools, Flip Flops, and Industry Advice in General

12

Jan, 2015

flipflop

On days like today, we can’t help but feel sorry for the good folks at the Securities and Exchange Commission. They have been watching the markets become so insanely complicated over the last decade, and each day they grapple with the big picture questions around how they should mold our capital markets. They wonder if they should trust the opinions of the many economists and lawyers that they have on staff. They wonder if they should trust the advice of academics (as some of what they read is perhaps tainted by…
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Calling The Grownups – We May Have A Grand Compromise!

18

Dec, 2014



IEX Calls Out The Exchanges On Their Conflicts of Interests

15

Dec, 2014



Transaction Costs and Sound Bites

11

Dec, 2014



Let’s Play Spin Doctor!

09

Dec, 2014



“It’s The Data, Stupid”

03

Dec, 2014



Flash War!

02

Dec, 2014



“HFT Groundhog Day”

01

Dec, 2014



Beware of Those Offering Free Retail Trades

25

Nov, 2014



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