Tell The Regulators What You Think Of The Fragmented Market

23

Apr, 2013

We have long blamed the fragmentation of market centers as the number one culprit for our broken markets.  Fragmentation has bred practices such as rebate and latency arbitrage.  Fragmentation has encouraged exchanges to create conflicted order types.  Fragmentation drives smart order routers to access the cheapest market center first but not necessarily the best market center.  Fragmentation drives exchanges to enhance their data feeds so high frequency traders get extra information about cancellations and revisions.

Back when the wizards at the SEC were drafting Reg NMS, they noted that fragmentation could be…
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LULD Info

16

Apr, 2013

Today we go live with the new Limit Up-Limit Down  (LULD) mechanism that will replace the single stock circuit breakers currently in place. LULD is intended to prevent trades from taking place outside specific price bands. This proposal was proposed April 5^th, 2011 – about eleven months after the Flash Crash  – and approved by the SEC on May 31^st 2012. The exchanges have been coordinating testing and implementation for months now, with tireless work and weekend testing by much of the industry.  While nearly universally applauded by the industry as…
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Bitcoin Flash Crash – Naked Gun Part Deux

16

Apr, 2013

RT Leuchtkafer Bibliography of High Frequency Trading Studies and Media

10

Apr, 2013

Who Really Did Cause The Flash Crash?

04

Apr, 2013

Microwave Trading

03

Apr, 2013

What’s Causing The Commodity Price Rout?

02

Apr, 2013

Only The Shadow Knows

01

Apr, 2013

New Columbia Business School HFT Paper Is Disappointing

21

Mar, 2013

Australian Regulators Get It Right

19

Mar, 2013