Non-Lawyers Hired by SEC to Advise on Market Abuse

[Options12]

Daniel Hawke, chief of the two-year-old Market Abuse Unit of the SEC's Division of Enforcement, said recently that the new Analysis and Detection Center would complement the unit's legal firepower when ferreting out illegal or harmful trading strategies.

"We've hired specialist non-lawyer people from the industry who really understand the trading activities we are looking at and the market environment in which those activities are occurring," Hawke said at the High Frequency Trading World conference in New York. "It will allow us to focus on conduct that is truly wrongful, as opposed to conduct that occurs every day."

http://www.tradersmagazine.com/issues/25_332/sec--trading-enforcement-109727-1.html

 

[Bob111]

i would suggest to him to cut the BS first. the current problems are created by regulators,who suppose to PREVENT it or guard against. yet they created this mess and now they are ready to fight..pathetic..
really wanna fight abuse? stop sub penny orders. cost-nothing. no need to hire anyone. that would be nice first step.

 

[Options12]

Here's a good outline of why sub-penny pricing does not benefit most investors:

http://quantinvestor.wordpress.com/...ing-is-it-price-improvement-or-front-running/

 

[the bouch]

Quote from Bob111:

i would suggest to him to cut the BS first. the current problems are created by regulators,who suppose to PREVENT it or guard against. yet they created this mess and now they are ready to fight..pathetic..
really wanna fight abuse? stop sub penny orders. that would be nice first step.

Totally agree. Mind boggling that they allow sub penny orders. Price improvement my ass. How can i get price improvement when I never get a fill? Oh ya, I gotta put in a market order to get my .000001 cent price improvement.

 

[nutmeg]

"We've hired specialist non-lawyer people with 2 years experience on Yahoo who really understand trading......"

These are the individuals in the new group:


eight table dancers

seven porn relation officers

six Product evangelists

five Informational contextualisers

four quantitative analysts,

three trading strategies specialist

two securities operations specialist

and one

green money managing director

with a sign on the door that reads

"And it's gone..."