The Need For A Universal Cancellation Fee Policy

16

November, 2012

Recently, some exchanges have enacted cancellation fee policies (and some exchanges have already retracted their policies) to try to prevent the quote stuffing activities of some high frequency trading firms.  But try as they may, the high frequency trading firms continue to outfox the exchanges and continue to circumvent the cancellation fee policies.

One of the smaller stock exchanges, the Chicago Stock Exchange, recently filed a proposal  to once again amend their cancellation fee policy.  They have been trying to get a good cancellation fee policy since January 2010

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