In February 2014, the SEC named Rick Fleming to be the first head of the agency’s Office of the Investor Advocate. Today, we have penned an open letter to Mr. Fleming concerning recent stock exchange rule proposals.

Dear. Mr. Fleming,

We have been encouraged by some of your recent comments about the role of a stock exchange.  In particular, on October 16, 2015  you stated :

“In considering a proposed change to an exchange rule, the Commission publishes the proposed amendment for public comment. However, given the volume of rule filings, it is difficult for the public to keep track (more…)


We have a very interesting story to tell you about today.  It’s the story of a very powerful Chicago-based HFT firm, DRW Trading, that tried to sneak a fast one by the small English town of Richborough.   DRW Trading owns a subsidiary called Vigilant Global that is in the business of setting up microwave networks.  As we all know by now, the name of the game in the HFT world is speed.  But another important word is location.  For their high speed microwave networks to be as fast as possible, the HFT firms need to pass the (more…)


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Dec, 2015