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Still hacking away at HFT

Had a distinct sense of déjà vu at TradeTech in London last week. Seems like much of the debate and chatter was the same as it was last year – HFT, ill thought through regulation, etc. It struck me, though, that maybe the regulators should let the market decide what is good or bad for us rather than agonising over these issues on our behalf. Take HFT for example. Whilst... Read More

And another thing Europe can’t agree about

Two stories this week demonstrated that Greece isn’t the only thing Europe has to disagree about. Together they both help highlight the problem regulators have worldwide with HFT. The first story, by the FT’s Jeremy Grant, describes how Italy’s Borsa Italiana is bowing to Consob pressure and introducing a fee structure that will charge participants more depending... Read More

Poachers turned gamekeepers

Interesting to read the venerable Leo Melamed’s open letter in the FT this week on HFT and regulators. The CME’s chairman emeritus certainly makes a good point when he says that trying to stifle innovation is both wrong and inevitably doomed to failure, but I am not sure he’s completely right in a couple of areas. First, whilst it’s true that algorithmic or HFT players have... Read More

All I want for Xmas is exchange consolidation/competition (delete as appropriate)

Despite all the announcements, press briefings and other hullabaloo it looks like the BATS/Chi-X deal is the only one that’s actually going to get done this year. SGX/ASX and LSE/TMX are just two of the higher profile casualties in the global game of exchange Monopoly. Add to this the conversations and negotiations that never reached the public domain and you have a dazzling array... Read More

Welcome to FragVision

One of the things that’s been puzzling me is all the conflicting claims around High Frequency Trading (HFT). Depending upon what you read, or who you talk to, HFT is either the scourge of capital markets or the next evolution of finance. That’s why it seemed like an ideal subject for the first episode of FragVision – the new video channel from Fidessa. With each episode... Read More

‘Rebunking’ the HFT myth!

Following yesterday’s request for further papers on HFT, my thanks to Jelle Elzinga, Director and Board Member of Optiver Holding, for sending through his firm’s view and allowing me to share it with the fragmentation community. Not surprisingly, Optiver believes that “HFT is nothing more or less than an evolution of a system that has been in operation for decades.” What... Read More

Debunking the HFT myth

I came across an interesting paper the other day published by GETCO: A Modern Market Maker’s Perspective on the European Financial Markets Regulatory Agenda. The HFT community has come in for quite a bit of stick recently and so it was refreshing to see an intelligent and well argued explanation of its role in today’s financial markets. One of the key points GETCO makes... Read More

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