if one goes after HFT with an idea to change the game -he should be going after SEC,the regulatory body,who made all this mess possible in first place. not after exchanges. exchange(numerous ECN's,dark pools etc) are a byproduct of SEC rules. as your commander in chief keeps repeating in past few days like a programmed drone on Bergdahl case-we saw an opportunity and we seized it. exchanges did same.
Reaction to Michael Lewis's book and "60 Minutes" interview
- Thread starter Maverick74
- Start date
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Thanks
Futures mag has some good words/interviews[last month] , most [not all]of them good,+ against Mr Lewis book LOL
Mr Lewis may not mean to, but he really comes acrosss as an anti -capitalist;
he is on the wrong side of the trend,again LOL
Could you please send another copy of your paper to Barclays and highlight the portions relating to "pernicious fraud" for them. Isn't your argument that markets are not rigged? http://www.zerohedge.com/news/2014-06-25/how-barclays-got-caught-red-handed-pernicious-hft-fraud
I expect that the hunt for the "unrigged" level of price discovery could get a bit rough sometime in the future. FWIW, Pernicious can be found close to perjury in the dictionary.
I think you are one of the bravest people I know standing up against all those lawyers and government officials as a lone voice to say that markets are not rigged and the retail traders have never had it so good.
So now all that remains is a 10 dollar fine and a promise never to do it (that particular way) again.
This can be easily remedied by the SEC. All they have to do is start charging for excessive orders/cancels. That ends the gaming.
However, they are just too lame to pull this off. They need to force the exchanges to make changes to their order entry/order matching systems to track the orders/cancels by account. If they can't do it in real-time, they can do it retrospectively at end of each trading month. The account is then hit with a debit for the number of excessive orders with cancels.
i agree,it's a piece of cake(done by IB long time ago). but there is no need for that. all you really have to do is go back in time and simplify things. limit,market, maybe couple more of other types and that was it. ALLOW participants COMPETE THRU THE PRICE(without subpenny BS) AT ONE EXCHANGE. it's really simple.
this is one field ,where SIMPLE, TRANSPARENT,but STRICT regulations for ALL participants is actually needed and can be applied,but as we all can see-they(SEC) have no balls to even ban suppenny crap.
actually, i wouldn't mind to have small gvt transaction fee and ONE exchange,that would exists, on those fees. all orders go there,no f** rebates,no order flow crap. broker profit from commissions,exchange-from fees. ONE exchange.all other shady ECN's in every US city, trading same stocks,dark pools,etc-banned.
all data is free,open for public and avaliable for everyone at no charge. you want democracy? transparency? there. perfect place to try. no need to piss away trillions in iraq,you can try this at home. we needed it here.
What if there is no book? Suppose to be all kosher for SEC and boys , who made a fortune doing it? Pathetic agency, all should be fired..
don't forget that folks who trade a lot did scream about the problem at least 5 years before this book was written and released.
Next time there's something wrong with the world, write about it. Create awareness.
Either that or make them honor their bid/offer. No cancel allowed for X seconds.
That may not work since nobody in the financial system seems to know what that word "honor" means IMO.