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1. Please prove. 2. Please see the SEC report, we do know from it the the crash was not caused by HFTs.

It's was discussed in details here: http://www.elitetrader.com/vb//showthread.php?threadid=198065

10 mills http://www.directedge.com/MemberInfo/FeeSchedule/EDGAFeeSchedule.aspx

Bobby, please read my post above one more time. ELP was a BUYER on this trade. So "someone" sent a SELL order at the same price as you did, but instead of posting it on the book someone choose to route it to ELPs. You could have done the same.

Bobby you are wrong. You are blaming ELPs without understanding what has happened. ELP was not a seller for this trade, but rather a buyer! You was the seller at 47.09, then somebody else send a sell order for 9k shares at 47.09 and market it ROUZ. This routing instruction means "if you...

I think half of the people on this thread either misuse or don't understand what is front running. If you send an order to buy a stock, I somehow learned about the order before it got executed and I executed my order before you - this is front running. If you send an order to buy an stock...

To be fair it was never happening BEFORE matching against the book, but rather after failing to match on the book and before canceling it back or routing out per user insructions

They use right words, but make so many wrong statement, that I would not trust this explanation.

It can if trades are willing to pay higher fees. If they want to go with the cheapest options, they should not be complaining about dark pools

10.01 x 100 10.02 x 100

Nope, only the top 100 shares will be executed on NASDAQ. Yes, exchanges route orders to each other not because they want to give away their market share, but because they're required to do so by requlators. So they all behave very similarly.

2 * 100 @ 10.00 and 400 at 10.02 Don't use market orders unless you want another May 6th event :)

NASDAQ: 10.01 x 500 10.00 x 100 NYSE: 10.02 x 500 10.00 x 100 You send buy at 10.02 for 700 shares to NYSE. Only 10.00 x 100 @ Nasdaq is protected, so you will get 2 * 100 @ 10.00 and 500 at 10.02

Now I see what you are asking. Yes only top of the book is protected, but you should interpret it differently. Market center will not execute your order at the bad price, if a better top of the book price is available on the other exchange. By not mean a market center will route your order to...

Nope.

I think you are missing the main point they are trying to make. This is possible because of REG-NMS that was introduced by regulators couple of years ago to protect retail investors. In this example HFT is not acting on non public information at all, they see that the spread is wide and they...

They don't. Information that HFTs are using is available to everybody.

I can tell what's happening here. There is 5k shares on the bid, that is spread across several venues. He send the order to the so called "smart order router ". That will show this order first to multiple darkpools, then ping cheapest venues etc. By the time the order arrives to the venue where...

The rest of the argument stands though. If you think that information regarding your order flow is not used properly, don't route there.