A new paper from the UK’s Financial Conduct Authority (FCA) titled “Are High Frequency Traders Anticipating The Order Flow?” has been making the rounds and causing quite a controversy.  The amount of tweets and activity coming from the pro-HFT crowd made us very suspicious of this paper and we were pretty sure that we were not going to like it.  But a funny thing happened during our review of the paper, we read past the headlines and found that the paper is actually an excellent piece which relies on unique data to draw some expected conclusions.  Here is our take on the (more…)


Themis Trading appreciates the opportunity to comment on the Commission’s Proposed Interpretation Regarding Automated Quotation Under Regulation NMS.


We are an institutional agency broker that trades in US equity markets on behalf of our clients, who are institutional firms that represent millions of regular investors. Our market structure viewpoints are based solely on our interactions and experiences trading in dozens of exchanges and dark pools in the US. We have no proprietary trading. We operate no trading venue, nor do we have any ownership stakes in any trading venue – lit or dark. Our only interest is the best trade (more…)