The SEC is pressing ahead with the Transaction Fee Pilot (TFP) even as the exchanges continue to try to slow them down through the courts.  Last night, the SEC announced that pre-Pilot data compilation period will begin on July 1, 2019 and will end on December 31, 2019. This means that, even though there is still pending litigation, stock exchanges must begin collecting data for the pilot. We’re glad to see the SEC pushing back hard at the exchanges and still believe that the lawsuit that NYSE, Nasdaq and Cboe filed against the TFP was a bad idea.  Their strategy is most likely to try (more…)

Our long-time friend and collaborator, R.T. Leuchtkafer, has put together a single document that organizes and presents years of data-driven research (academic, government, and industry) of the adverse effects of high frequency trading on markets. This undertaking is mammoth, and it includes press, op-eds, key commentary, books, and documentaries. It is organized. It has sections that you will be immediately drawn to, such as effects of HFT on market quality and investor costs. This is such a key and handy reference for all of you, especially in an age in which HFT firms have grown in mammoth ways, and have (more…)

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Nov, 2018