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.
Please note that third-party posts do not reflect the views of the Company and have not been reviewed by the Company for completeness or accuracy.
MICHAEL LEWIS says:
“The principals of Themis Trading, have done more than anyone to explain and publicize the predation in the new stock market. They deserve more lines in this book than they receive but have written their own book on the subject, Broken Markets.”
“When the last history of high-frequency trading is written, Hunsader and Themis Trading deserve a prominent place in it.”
-MICHAEL LEWIS, Flash Boys
BOSTON GLOBE: "Did you read something for Flash Boys you would recommend?"
LEWIS: "Scott Patterson’s Dark Pools, which overlaps with my own book some. What he does really well is tell the early history of automated electronic trading. I’d also recommend Broken Markets and the 1923 novel Reminiscences of a Stock Operator by Edwin Lefèvre."
-The Boston Globe, "Bibliophiles: Best-selling author Michael Lewis", March 21, 2015
06
Apr, 2009
“Unintended Consequences”
I’ve been hearing the term “unintended consequences” alot lately. Here are some of my most important unintended consequences:
1) The rush to implement the TARP program late last year by the Bush administration has yielded a huge benefit to the big government Obama administration. They are using the TARP money to hold the bankers hostage http://tinyurl.com/cmol3v
2) Mark to market “adjustments” will kill the Treasury’s PPIP plan. Congress and their lobbyist friends successfully changed the rules of the game. They went for the quick fix. Now it looks like the only investors in the PPIP plan will be some pension plans that really don’t have much of a choice and are usually last to the party : http://www.reuters.com/article/businessNews/idUSTRE53323S20090404?feedType=RSS&feedName=businessNews
3) The June 2007 implementation of the SEC’s Regulation NMS was supposed to reduce volatility and increase transparency in the equity market. Fact is though, transparency has been reduced and volatility has sky rocketed due to all of the new electronic toxic trading. Whoever has the biggest, fastest computer now is the “ax” in a stock. For more: http://blog.themistrading.com/?p=29
“Unintended Consequences” – Let’s be careful what we wish for, sometimes the results just magnify the original problems.