Schumer to SEC: Slow Down HFT, etc

L

listedguru

Schumber to SEC: Slow down high-frequency traders when market get volatile; Senator also calls for probe into 'quote stuffing,' possible ban on sub-penny bids.

http://schumer.senate.gov/record.cfm?id=327487&

In Letter To Schapiro, Senator Proposes Idea Of 'Speed Bumps' That Could Be Triggered Before Circuit Breakers Become Necessary

Schumer Also Suggests Requiring Minimum Quote Duration To Discourage Practice of Bombarding Markets With Thousands Of Orders That Are Not Intended To Be Executed

Senator: 'High-Frequency Trading Provides Fewer Benefits Than Proponents Claim And Can Hurt Long-Term Investors'

-Guru
 
Quote from Dustin:

Good news to hear...
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I agree. They need to clean up this mess they've created with reg nms, etc.

Let's get back to displaying real liquidity on the book not all this spoofing of orders, etc. This market has become a complete joke.

-Guru
 
Quote from listedguru:

I agree. They need to clean up this mess they've created with reg nms, etc.

Let's get back to displaying real liquidity on the book not all this spoofing of orders, etc. This market has become a complete joke.

-Guru
More...

Absolutely...
 
"Schumer proposed that the agency require a minimum duration for any quote"

Where would it stop?(serious question)

I trade manually. But I trade size. If I want to sell 250,000 SPY at 109.77 but adjust 2 seconds later down .01 have I "quote stuffed"? Seems to me the good senator is picking up some populist sentiment and running with into midterms...

I actually agree with the others here in that the HFT is more detrimental than good. But anytime a politico runs with an idea that can affect ours mkts..well lets just say the track record aint good. Agree or disagree?

All that would happen if they imposed a time restraint is another fellow would come along and game that regulation some how.

A+ top tier students vs C+ school public servants...I know how this ends, again and again...
 
Quote from indahook:

"Schumer proposed that the agency require a minimum duration for any quote"

Where would it stop?(serious question)

I trade manually. But I trade size. If I want to sell 250,000 SPY at 109.77 but adjust 2 seconds later down .01 have I "quote stuffed"? Seems to me the good senator is picking up some populist sentiment and running with into midterms...
More...

I think as long as you don't adjust your order 2000 times in those 2 seconds you will be ok :D
 
Quote from indahook:

"Schumer proposed that the agency require a minimum duration for any quote"

Where would it stop?(serious question)

I trade manually. But I trade size. If I want to sell 250,000 SPY at 109.77 but adjust 2 seconds later down .01 have I "quote stuffed"? Seems to me the good senator is picking up some populist sentiment and running with into midterms...

I actually agree with the others here in that the HFT is more detrimental than good. But anytime a politico runs with an idea that can affect ours mkts..well lets just say the track record aint good. Agree or disagree?
More...

2 seconds sounds ok to me. Make it 2 seconds minimum.
 
Quote from indahook:

"Schumer proposed that the agency require a minimum duration for any quote"

Where would it stop?(serious question)

I trade manually. But I trade size. If I want to sell 250,000 SPY at 109.77 but adjust 2 seconds later down .01 have I "quote stuffed"? Seems to me the good senator is picking up some populist sentiment and running with into midterms...

I actually agree with the others here in that the HFT is more detrimental than good. But anytime a politico runs with an idea that can affect ours mkts..well lets just say the track record aint good. Agree or disagree?

All that would happen if they imposed a time restraint is another fellow would come along and game that regulation some how.

A+ top tier students vs C+ school public servants...I know how this ends, again and again...
More...

Agreed! Good post
 
If you send an order to an exchange you should be obligated to fulfill it. I have no problem with HFT, but stuffing and canceling just fucks things up.
 
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