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Instinet On Flash, HFT, Co-Location And Other Potential Revenue-Loss Sources
Letter from Jonathan Kellner, President of Instinet (and presumably not the brother of Continental Airlines' recently outsourced CEO).
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Duncan from today's concall:
“I don’t think there is any fear of them doing something that would severely damage the displayed liquidity on U.S. equity markets,” he said today. “High-frequency trading is actually the most consistent source of liquidity.”
Translation:
We'll call you when we need your input, Mr. Schumer.
Apologies if this has been posted elsewhere, but seems to fit here as well.
Video comments from Karl Denninger re: a TRIN indicator "dislocation" this AM and how it probably spooked the HFT computers.
Ahhh Skynet...
Pete
Hey Pete, you lost your link... Found it for ya http://market-ticker.denninger.net/archives/1274-VIDEO-Ticker-TRIN-Data-...
Thanks - I hate it when that happens. I hope to find it next to all the 401K money I lost somewhere.
Pete
Totally Off Topic: time for an update on HR 1207 and S 604?
Agreed
Everybody talks about front running on the flash trade, but what about the informational value of the flash. What if the algos co-locators are using are getting valuable signals from the flashes.
just a thought.
BLOOMBERG CALLS BULLSHIT ON RECOVERY.GOV SITE...
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=adIbx4CSpI4E
Oh, you people want effortless gain *and* ethical behavior. Okey, dokey. I'm on it!
thanks, jonathan
piece of advice, stay away from the clam chowder.
That's some funny sh**, #19759. Well done.
"MARK IT ZERO, DUDE"
Karl just pointed out on his blog that the TRIN was going haywire this AM with false data reports. He says as soon as that was fixed showing a declining TRIN, the borgs and their algo's kicked in to buy sending the markets higher. Anybody see the TRIN act strangely this AM via their datafeed?
Now why did we post this letter? I see nothing noteworthy here other than someone who has spent his life destroying this marketplace one technological advancement at a time.
Another interested man chimes in. Is it any surprise that the keg merchants have no interest in having the police shut down the party?
Mr. Kellner deserves props for having big balls.
yes, calm, sane, accurate analysis by a longtime professional in the business is the last thing that anyone around here wants to hear. What fun is that? Less facts, more Themis rant please.
He said, "It is apparent that this debate is being put forth in an attempt to influence public sentiment and push regulaton in a direction that will further the interests of certain market participants, rather than out of altruistic concern for investors."
Could someone please tell me who the "certain market participants" may be aside from everyone that is involved in making money from these practices?
Some people have no shame.
If they are competing against eachother by co-locating isn't that proof enough that there are profits to be made by flash trading? Otherwise why bother with the expense?
Do they think we are that stupid?