Themis Calls For SEC Moratorium on Approving Exchange Order Types

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October, 2012

Themis Trading Calls For SEC Moratorium on Any New Order Types, and an Exhaustive and Expedient Review of Existing Order Types in All Equity Execution Venues

Themis Trading has highlighted numerous market structure fairness issues over the past several years, including improper data feed leakage, dubious arbitrages, as well as improper order types that favor once class of participant at the expense of others. Themis has taken great pains to educate market participants, industry regulators, and the general public with the goal of reigning in market abuses that have adversely

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2 Responses to “Themis Calls For SEC Moratorium on Approving Exchange Order Types”

RGNewJr
October 16th, 2012 at 8:26 am

Agree. For example, in ARCA you can combine Adding Liquidity Only (ALO) Order with Mid-Point Passive Liquidity (MPL) Order to jump to the front of the line (hidden) and get the posting fees. Very little risk in a high-volume penny-spread security.
High Frequency Trading – Complexity « Tales from a Trading Desk
November 28th, 2012 at 9:18 am

[...] Odd Lots – madness that they are not reported to the consolidated tape. As Themis Trading argues, the new order types are “perks sold to them by the exchanges – including colocation, data [...]