Saluzzi Educates MSM On PT, Does Not Buy Books

Tyler Durden's picture

Irene, I would love to get a copy of your book. Are you willing to exchange one Digital Dickweed coffee mug for a few hundred copies? I am sure you have them lying around, and it sounds about equitable.

Also, good thing of Irene to admit that any variant of forntrunning is illegal. We are with you!

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agrotera's picture

I would bet that CNBC is trolling your site for their "top" stories of the day now, so they can diffuse their image as wallstreet shills.

Freeple's picture

To me, that would be the point - forcing MSM to report the truth again, instead of a bunch of fantasy.

Anonymous's picture

and that dumb biatch is who they get to defend gs. she should study 2nd grade rational playground argument in addition to the math she finds so important.

Anonymous's picture

Proving once again CNBC now follows Zero Hedge....its about time you provided something real instead of BS

Anonymous's picture

Irene give us proof in the first few seconds of her speaking that there is no such thing as free open efficient markets. (1:55 I believe). Tell me retail traders can compete in this environment. Best of luck to you guys and gals trying to compete with PhDs in Mathmatics and Computer Science on a daily basis. Eugine Farma is full of shit. Efficient Market Hypothosis my ass.

Milton Friedman's Ghost

Anonymous's picture

retail investors have never been able to compete. Also, if co location is eliminated, rebate trading killed, and flash trades declared illegal, you will still have short term trading and algo trading accounting for most of the volume on the exchange. Further, anyone who has an office in NYC will still have an advantage to someone who is further away. Speed and being close will matter no matter what laws or regulation you pass.

whacked's picture

Yes, kiddies out there study your math ...

 

If Irene roll her eyes on more time ... bigger .. .. nothing incenses me more than that, lost interest on the 4th time ..

 

Irene ... you are not at school anymore .. no longer do you have to express yourself by rolling your eyes and having a 100 words a minute without a breath ..

Anonymous's picture

I love the part where he says "make sure your fuses are ok"

deadhead's picture

Here is the verdict:

Saluzzi and the truth won.  Irene, you lost.

I will also give credit to MCC and Steve Liesmann for asking the properly tough questions.  I wish they would follow that line of questioning on a consistent basis.

Anonymous's picture

AMEN to that!!
CNBC needs to be more objective from time to time and really try to get at the TRUTH instead of following their GE-controlled agenda all of the time. Why do they think they are losing so many viewers right now? (Might as well be watching American Idol or some schlock)

Anonymous's picture

I don't think CNBC was at fault in this instance... they were more for Saluzzi than Irene... some people on this site are too angry.

Anonymous's picture

This comes down to the speed of light. I get signals slightly slower because I'm on the West Coast as opposed to the East coast. If you put the server in the same room as the exchange, all your doing is lowering the distance the signal has to travel. This has nothing to do with front running. It has *everything* to do with the speed of light. Are you going to start banning people from building datacenters closer to stock exchanges next?

Anonymous's picture

finally, someone gets it.

Anonymous's picture

You are a retail sitting in the west coast. You are irrelevant to HFTs. Most HFT manipulation is done on the colocated servers in the exchange. You are confusing a retail order execution time with HFT.

Anonymous's picture

There is a latency difference even between computers sitting in New York on optical lines. That is what colocating removes. I was trying to demonstrate an example. Even someone with a direct optical line to the exchange who was on the west coast, for instance, would be at a disadvantage. The speed differences between a computer in New York and one in the exchange, while small, provide a small edge.

Oso's picture

Read the NYT piece today and then revise your comments above.  the colocation is not the issue.  "sniffing" institutional orders is the issue.

Anonymous's picture

Honestly I've heard a ton of people claim that colocation in and of itself should be illegal. Sniffing can be done legally, but flash orders may be an issue. The problem is that there are people running around who want to ban colocation. If the problem is flash orders, complain about that. Don't lump all HFT into the same boat.

Anonymous's picture

Oso - so, to be clear, you have an issue with people looking for supply and demand imbalances and trading on those? Good luck getting rid of that business tactic.

Anonymous's picture

Seriously I can see supply and demand imbalances half the time just by watching order flow because some idiot doesn't know how to conceal a large order. You don't even have to execute trades sometimes to know when institutions are buying.

dnarby's picture

Can't sniff without a really low latency, thus the co-location problem.

Cheeky Bastard's picture

dude its not the speed of light thats questionable here, or the location or co-location of the servers ... it's about paying to the exchanges for those 3 microseconds of displaying the price, and that happenes when investor submits the order and for three microseconds the order flashes nude infront of drooling HTF which then buys as many shares of taht XYZ company at lets say 50$ and the order is executed for 50.01 cent .. so they pocket one cent on that trade ... and to know that this shit equals to 21 billion in profits and 70% of the volume says only one thing.... this market is a fucking disgrace to every investor who ever purchased a stock ... oh and if you didnt get what i was saying ... its IT ALL ABOUT THE BOUGHT 3 MICROSECONDs BETWEEN THE ORDER IS SUBMITED AND BEFORE ITS EXECUTED FOR ONE CENT A SHARE HIGHER THAN THE ORDER PRICED THE SHARE ..

Anonymous's picture

There needs to be a standardization on the time frame we are talk about. HFT transactions cannot be executed in a 3 microsecond period. It is a really low number. It has to be atleast 2 digits of microseconds for the standalone hardware to crunch the proprietary algorithm and then it is in factor of microseconds upto milliseconds. The guy on Bloomberg that TYD linked started talking about nanoseconds.

Cheeky Bastard's picture

actually you are wrong ... i didn't pull those 3 microseconds out of my ass, and i didn't say that the execution time was 3 microseconds but the time the owner of HTF buys from the exchange to flash the order price ... the execution time is what you wrote, i was talking about the unfair buying of 3 microseconds of time to flash the price of the share that has to be executed, and executed it is, for one cent higher than the order price was .... and who's the sucker there ... 1) every small investor 2) every retail investor 3 ) the capitalist system itself ... the machines will soon take over, and when they learn to upgrade themselves and reproduce themselves, humanity will be redundant ...

Anonymous's picture

Well put! Whether it's for 3 microseconds or 3 for days, when you show the incoming orders to one party instead of to all parties, that's not a "free market" at all. And when the other parties wise up, I suspect that they will immediately lose trust in you, and immediately after that will start finding ways or creating ways to take their business elsewhere. Greed has a habit of thinking so short-term that it kills whatever goose was laying golden eggs for it.

Cheeky Bastard's picture

AMEN brotha .... thats true .. if you have ever been in a VC meeting the first thing those dudes want to know if you have integritiy and if you are fair ... everything else comes after that ... so as you put it, the customers will soon flee from those who front-run this market just for the reason they dont want to be associated with something that is fradulent and without integritiy ... the more media exposure this thing gets the more will people know about the shit thats happening behind the scenes, and the more they now the less they will trust those who have this temporal advantage over a loud majority .... and i trully believe no one would want to be linked or associated with this fraud when charges, bu civil and criminal, start to fly all over the place ... 

akreitman's picture

   It has nothing to do with the speed of light.  Network latency is the killer, all those switches and routers between you and the exchange.

 

Anonymous's picture

Network latency, of course, is fundamentally constrained by the speed of light. Or the speed of electrons in copper, which is also a function of the speed of light. In either case, its a physics problem.

Anonymous's picture

it may be a physics problem but as your
respondent noted there is much more standing
between point a and point b than a wide open
highway.

any way the co-location issue as someone else
noted is a non-sequiteur...it is a false issue

Anonymous's picture

They got rid of SOES Bandits, they will get rid of these leeches.

Eventually.

Anonymous's picture

and then what, you will start making more money?

Anonymous's picture

Hilarious - she will not say front running isn't happening even though she says it's illegal.

Anonymous's picture

um, just because its illegal doesnt mean its happening. You may want to re read your post and ask yourself if your qualified to make fun of her.

Anonymous's picture

ya, of any of the articles related to hft, this one holds the most merit. Flash orders are clearly a bs attempt at trading under a loophole, and does not comply with the spirit of reg nms in my opinion.

FatuousTwat's picture

You are totally missing the point.

Anonymous's picture

You may want to read your first post and ask yourself if you know the difference between "you are" and "your" dillweed

Anonymous's picture

its a comment on a blog not an essay, sorry I didnt do a grammer and spellcheck retard. Perhaps you should review the use of double negatives

Anonymous's picture

go away troll

Anonymous's picture

I hear that books are a good thing to keep in the bathroom, you can always use the pages to wipe if you run out of paper.

Gwaihir's picture

I not 100% sure she read the book she wrote.

 

Cheeky Bastard's picture

im not sure she even wrote the book she wrote

Mako's picture

I am going to Vegas and play some poker, I pay the dealer a cut if he lets me see the cards before they are dealt.  

Sounds good to me.  Heck, I would gladly give the dealer a cut.

She say's illegal than goes on to say they are doing it and than says it's ok.

I love watching an end to a system.

Tyler, btw I watched "Fight Club" for the first time the other night.  I can see why you picked your name.  Good stuff.

 

 

svendthrift's picture

That woman was horrible. Who does she work for?

Anonymous's picture

yeah, but hot.

ghostfaceinvestah's picture

herself by the looks of it.

she should have done herself a favor and stayed in relative anonymity.

i notice an article just flashed across my Bloomberg that Shumer is going to introduce legislation to ban flash quotes.  it is picking up steam, once again TD is in front of the issue.

Anonymous's picture

who still watches cnbc

Mako's picture

I have no idea why people watch that junk. 

I will watch a clip on the internet but all these people need to turn that channel off.

Cheeky Bastard's picture

i so want to punch  this chick with a polish accent in the face, and this is the first time i ever wanted to hit a girl ... but how stupid you have to be to think that anyone with an IQ over 20 will believe the blatant and illogical lies she says during this interview is beyond me ... jesus christ, you dont even need to hear about HTF to know that the closer the location to the focal point is the exchange of data is faster because the photon needs to travel less distance between a central server and a sever located only a few feet form the central server, than for instance the same data travelling from lower manhattan to Jim Bob Dell Laptop located in Des Moines .... and she constantly says it's illegal, but that does not make it a) not possible and b) that it isnt done this same moment ... this bitch is as thick as tits cabreras .... well ... tits ... the first rule of investment banking is ..... learn how to lie .. this bitch knows nothing of that ... 

Dr Hackenbush's picture

"Able Alpha Trading" 

I'm looking for a good Alpha lead dog to front-run my team.  Perhaps I'll be in touch with this mutt!