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« How to Handle a Big Gain | Main | Faceoff on Greece: An Interim Update »

April 05, 2014



I would not pay attention to any of the rigged market commentary. There is always someone out there faster than you. They have a different edge. 10-20 years ago, traders complained about the market makers on the floor of the NYSE front running orders or leaking information to others before completing an order. This "leakage" was the main reason why buyside firms created crossing networks that excluded the street. Now market makers are being cut out and they are leading the charge against HFT. I do agree that the HFT need to provide liquidity at all times though as mkt makers used to. What People are missing is that the NYSE under the leadership of Thain and Niederhauser led the exchange to this mkt structure. They sold NYSE data and allowed firms to place their servers at the exchange to gain advantage. Pricing depended on how fast it was delivered. Both of these guys are from Goldman Sachs. Duncan was from mkt maker Spear Leeds and was the head of electronic trading at GS before he moved to the NYSE. This process started in 2004.... In 20 years we will be complaining about something else and wished we had the HFT guys back.


Glad you're back from vacation.

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