SEC Hearing On HFT, Dark Liquidity And Sponsored Access Next Wednesday Will Achieve Absolutely Nothing
The SEC's highly overpaid bureaucrats will have to wake up early next Wednesday and read all the Goldman Sachs pamphlets on what a bid ask spread is, what predatory algos are, and why HFTs have hijacked the market in order to sound somewhat intelligent at a "Sunshine Act" hearing on high frequency trading, dark liquidity and sponsored access. Being insufferably worthless Wall Street puppets, the hearing will achieve nothing, and will be followed by a Sunset Act hearing in a few years, where a post mortem of all that could have been accomplished, but wasn't, will be eulogized, together with a remembrance of America's once alive capital markets.
Sunshine Act Meeting.
Notice is hereby given, pursuant to the provisions of the Government in the Sunshine Act, Pub. L. 94-409, that the Securities and Exchange Commission will hold an Open Meeting on January 13, 2010 at 10:00 a.m., in the Auditorium, Room L-002.
The subject matter of the Open Meeting will be:
Item 1: The Commission will consider whether to publish a concept release on equity market structure. The concept release would invite public comment on a wide range of issues, including the performance of equity market structure in recent years, high frequency trading, and undisplayed, or "dark," liquidity.
Item 2: The Commission will consider whether to propose a new rule regarding risk management controls and supervisory procedures to manage financial, regulatory and other risks for brokers or dealers that provide market access.
At times, changes in Commission priorities require alterations in the scheduling of meeting items.
For further information and to ascertain what, if any, matters have been added, deleted or postponed, please contact:
The Office of the Secretary at (202) 551-5400.
Elizabeth M. Murphy
Secretary
(4 votes)
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on Wed, 01/06/2010 - 16:40
#184893
Wait. They aren't actually going to display the undisplayed dark liquidity are they?!? But -- that will create a liquidity singularity that will instantly swallow up the entire planet as well as the inner solar system! We have to stop this insanity before it's too late!11!!
cougar
on Thu, 01/07/2010 - 09:35
#185369
When dark liquidity seems a bit out of control, Just add cream and sugar. Mmmm.
on Wed, 01/06/2010 - 16:45
#184903
Q: Who is the COO in charge of setting up computer programs to catch bad computer programs doing bad stuff?
A: 29 y.o. fmr. GS guy.
Q: Is he a former soviet rocket scientist?
A: No.
Q: Is he independently wealthy and no risk of agency capture?
A: No.
Q: How can you determine if he's rigged the system to let bad stuff slip by?
A: We're going to ask industry.
on Wed, 01/06/2010 - 16:47
#184905
As described, you've accurately portrayed that entire event from end to end. Extra points awarded for citing the eulogy, although you are pre-supposing that we will continue to have any form of .gov as we know it, or that they could truly learn from their own mistakes.
on Wed, 01/06/2010 - 16:58
#184915
thanks for the heads up, TD. your earlier headline piece is one of your best; which is really saying something.
again: barney thinks that it's always sunny in philadelphia; yet, if he really wanted to be frank then he ought simply huff some glue and eat some cat food so that he can pass out without having to actually deal with reality (read: all the pussies incessantly whining for a freebie outside his window)
#179615
There really is a rhyme and a reason … a group of dark boogie-men hiding in the closet do not control financial markets.
And if you must think of HFT as the Night Man ~ a plague hiding in the darkness just waiting to getcha ... then at least try to think of TA (technical analysis) as HFT’s kryptonite ~ the Day Man ... fighter of the Night Man. Champion of the sun. He’s a master of karate, and friendship; for everyone.
on Wed, 01/06/2010 - 17:05
#184929
The SEC exists only to put an air of legitimacy on the ponzi/three card monte circus that Wall st has become.FAIL
on Wed, 01/06/2010 - 20:35
#185123
The SEC are equivalent to the cops of yore paid off by the mafiosos (Goldman Sachs, etc) to look the other way in the streets of NY to allow the theives run their casino operations (Wall St) all the while Sinatra (Jay-Z) is being blared on the radio. Even funnier, a 29 yr old Gambino (GS) is now the Chief of Police (SEC Enforcement Chief)!!
on Wed, 01/06/2010 - 17:24
#184948
SEC is so far behind it's comical. The Boyz would need a Hubble Telescope to see them.
More theater.
on Wed, 01/06/2010 - 18:00
#184994
File this under "be careful what you wish for", from Roll Call via Think Progress:
[Speculation has also begun about potential employment for Dodd in the Obama administration.
For instance, several Democratic Senate aides noted that Treasury Secretary Timothy Geithner is an extremely unpopular figure in the Senate. Geithner has also taken the brunt of the criticism for the administration’s handling of the economy and, these sources speculated, if the country’s financial picture does not brighten before Election Day, he could be the first secretary to leave the administration.
Although Dodd would appear to be well-situated to take control of Treasury if the position were to open, it may not be smooth sailing for his nomination.]
http://thinkprogress.org/2010/01/06/dodd-treasury/
on Wed, 01/06/2010 - 18:57
#185034
Well at this rate, I should buy some tin-foil and more bullets because even I'm nearly ready to give up and let the stagflation come. god I would love to see some senators hanging by their literal necks from the trees on the white house lawn. Of course I'll be nicely hidden in the backwater hills since I know how to farm.
on Thu, 01/07/2010 - 09:41
#185374
Tis what you do to thieving pirates. Yarrr!
on Thu, 01/07/2010 - 09:43
#185376
These fools have neither the will nor clout to clean up the naked shorting problem, yet another black hole from hell willing to suck in the entire market. This will go nowhere.
The only solution is collapse. Let's hope it's not into the next dark ages.