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According to this Reuters article by Sarah Lynch and Jonathon Spicer, US securities regulators are asking HFT’s to hand over their secret sauce! As in code. Predatory algo code. Tom Gira of FINRA stated, “It’s not a fishing expedition or educational exercise. It’s because there’s something that’s troubling us in the marketplace.”
The SEC has also been making requests, according to the article, although not really for the secret sauce… actually for white papers (whatever that means). What strikes me is that we have multiple regulators. Some are
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Themis Trading is an independent, no-conflict, institutional agency brokerage firm specializing in equities. The purpose of our blog is for a discussion of market structure issues as well as general market commentary.
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