Peterffey Goes to Washington

in othere words,, the market is rigged and manipulated by a few power ful entities with billions a the arsenal. and there is nothing the SEC or anybody can do about it...take it or leave...trade or invest in this scam rigged market or leave...and traders and retail investors have left.

these entities are not even based in the US but offshore entities who don't even pay US taxes.

these guys are so sneaky,,regulators cannot enforc the market rules on the books..in other words,,,the curent market in US is wild west market and even less regulatated than pre-1934 market rules.

frontunning and tradin against clients..tell me what i don't know..market makers taking stops. no privacy on clients.

as for investors..just too much possible investment fraud.

the wolves and snakes are now controlling the market.

the local flea market is more regulated and honest than the US financial markets.


Quote from stock777:

Great stuff in here for real traders. That eliminates 95% of you, but you might enjoy the testimony of Mr. Peterffey and others here.

Not to mention the daggers.

PS WinstonTJ , don't watch this, it might ruin your day.

http://banking.senate.gov/public/in...aring_id=b9e72ea9-e413-4946-8731-acaf09204643
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Basically Peterffey thinks there should be no naked access where brokers arent pre screening orders for buying power and following all the exchange rules. He thinks they should ban it immediately, and therefore it would shut down HFT, or a lot of it.

Manoj Narang thinks everything is fine and that if you went back to slowing orders and two tier market maker system you are hurting liquidity and therefore investors. If you ban naked access you consolidate the ability to make markets to the biggest firms and that is unfair.

The Invesco guy mentions drib drabs about HFT's intentions to do harm by over quoting. He wonders what they do, Thinks that the top 10 stocks have better liquidity but is concerned about the low volume stocks.
 
I found Peterfly's concern that multiple brokerages could fail on any given day the way things currently stand a bit disconcerting.
 
Quote from EMRGLOBAL:

nothing new to those who trade or who use to trade for a living.
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Nothing new but nice to here someone clearly enlightening the politicos.
 
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