FACTS. Undisputed FACTS.
FACTS that have been confirmed by the NYSE.
FACTS that are being taken "very, very seriously" by the SEC and the CFTC to analyse the root cause of the flashcrash.
That's enough credit to me.
hey HFT scum, yeah, you. Watch this
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FACTS. Undisputed FACTS.
FACTS that have been confirmed by the NYSE.
FACTS that are being taken "very, very seriously" by the SEC and the CFTC to analyse the root cause of the flashcrash.
That's enough credit to me.
LOL â every complaint is taken âvery seriouslyâ when filed.
http://www.businessweek.com/news/2010-09-02/sec-said-to-probe-role-of-canceled-orders-in-crash.html
From the link above: âThey were orders with no intention of being executed because they were so far out of the market.â
How is it that one can define âso far out of the marketâ on a day that the Dow moved almost in both directions within minutes. Please⦠explain this to me. In my opinion on a day with a 5% move almost all bets are off as to where people are bidding/offering.
Quote stuffing is something that can be regulated down to a bid/offer band based on a percent move of a given stock â nothing more, nothing less. Currently its legal (unless deliberate manipulation can be proved) so get over it. I love how at first it was HFT, now its Quote Stuffing (which is more often than not Layering but people donât know the difference).
What happened to 777âs delayed-data argument? Nanex seems like a GREAT solution â they introduce latency on both the sending and receiving end of their feeds. It is amazing to me how so many can stand behind a firm who falsely advertises the sale of historical data as real-time data. The Nanex crew are a bunch of scam artists. They introduce latency into their data feeds and their claims of âcompressionâ of data over slow internet and slow processing power is just plain false. No matter how you slice it you canât shove 50lbs of sh*t into a 5lb bag.
Time & time again, the uninformed are rallying behind another firm taking advantage of them.
Jokeâs on you!
http://www.businessweek.com/news/2010-09-02/sec-said-to-probe-role-of-canceled-orders-in-crash.html
From the link above: âThey were orders with no intention of being executed because they were so far out of the market.â
How is it that one can define âso far out of the marketâ on a day that the Dow moved almost in both directions within minutes. Please⦠explain this to me. In my opinion on a day with a 5% move almost all bets are off as to where people are bidding/offering.
Quote stuffing is something that can be regulated down to a bid/offer band based on a percent move of a given stock â nothing more, nothing less. Currently its legal (unless deliberate manipulation can be proved) so get over it. I love how at first it was HFT, now its Quote Stuffing (which is more often than not Layering but people donât know the difference).
What happened to 777âs delayed-data argument? Nanex seems like a GREAT solution â they introduce latency on both the sending and receiving end of their feeds. It is amazing to me how so many can stand behind a firm who falsely advertises the sale of historical data as real-time data. The Nanex crew are a bunch of scam artists. They introduce latency into their data feeds and their claims of âcompressionâ of data over slow internet and slow processing power is just plain false. No matter how you slice it you canât shove 50lbs of sh*t into a 5lb bag.
Time & time again, the uninformed are rallying behind another firm taking advantage of them.
Jokeâs on you!
It does sound like these guys were most likely manipulating markets, but layering can be perfectly legal, depending on the intent. For instance it is not uncommon for a trading firm to better a BBO market on an illiquid exchange. The BBO order is still significantly off the NBBO price so as to be the top layer of an exchanges book in case a large ISO order hits. Companies that do this often also layer in a bid/offer a few pennies inside of the clearly erroneous price points. The companies with fast systems may also quote on the NBBO, attempting to arb fees, etc. Layering is normal.
The difference is that these companies intend to get filled on their layered orders, rather than try to manipulate the market.
In practice, it gets very difficult to tell the difference between normal market functions and manipulation--particularly when a company has enough money to hire an army of lawyers and keep ex SEC regulators on staff.
layer my ass. this is the real deal.
http://www.zerohedge.com/article/guest-post-ultimate-trading-weapon#comment-596477
http://www.zerohedge.com/article/guest-post-ultimate-trading-weapon#comment-596477
It seems you're taking it personal now.
You've been shown serious studies which are - again - undisputed on this board or by the industry. These are cold hard facts.
I can't blame you for trying to discredit the Nanex guys in a last attempt to save face but we all know they could be selling donuts it woudln't change their findings. Facts are Facts my friend, everything else is smoke and mirrors and is of no interest.
I came to this thread to question their studies, we have the answers now. Let's not put everyone in the same boat, but clearly, the HFT world needs a good clean-up to say the least.
Good luck.