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SEC Investigating HFT Quote Stuffing And Sub-Pennying
If you poke them enough, it appears they do eventually wake up. After many months of rants by Zero Hedge on both subjects of quote stuffing and sub-pennying, it appears the SEC is finally getting involved. Of course, this being the SEC, which a year after saying it will ban Flash trading, still allows HFT frontrunning as a perfectly acceptable and encouraged practice on such exchanges as DirectEdge (and Nasdaq, although the latter has recently voluntarily recanted from abusing the public's, tee hee, trust in regards to frontrunning), we don't have very high hopes. Nonetheless, the fact that the HFT marauders are finally in the regulator's bullseye, will promptly make such occurrences as daily flash crashes hopefully a thing of the past. In other news, we are happy that the SEC is finally starting to catch up with this thing called "teknoulogee."
Tom Lauricella from the WSJ reports:
Regulators are scrutinizing what some in the stock market are calling "quote stuffing," trading in which unusually large numbers of orders to buy or sell stocks are placed in a fraction of a second, only to be canceled almost immediately.
The Securities and Exchange Commission has begun looking into whether the practice is putting some investors at a disadvantage by distorting stock prices, according to people familiar with the matter. The SEC is looking at what role, if any, quote stuffing played in the May 6 "flash crash," when the Dow Jones Industrial Average collapsed 700 points in minutes, the people say.
In addition, the SEC is looking into another practice in which large numbers of orders are placed. In these cases, what's unusual is that the orders are priced in increments as small as one-tenth of a cent and far away from the actual price at which a stock is trading, says a person familiar with the line of inquiry.
The SEC is seeking to learn whether such orders, known as "sub-penny pricing," are used to manipulate the market, this person says, which would be illegal. At issue is whether the practice could artificially torpedo stocks' prices or help make it appear that there is more trading volume in a stock than there really is, allowing sellers to profit when demand for the stock appears elevated. The agency has identified about half a dozen investment firms to question regarding "sub-penny" orders, this person says, and the inquiry is expected to take months to complete. The firms identified aren't necessarily suspected of wrongdoing, and it is unclear whether there will be a formal investigation. An SEC spokesman declined to comment on the inquiry.
These issues are among the latest to have emerged as stock trading has become dominated by super-fast computer systems used by hedge funds. At the same time, the once-clubby world of a handful of stock exchanges has evolved into many more decentralized, loosely connected, high-speed electronic trading networks.
Tom also highlights another key issue: gratuitous cancellation on a gargantuan scale, as HFT's have made a complete mockery out of demonstrated liquidity:
An eye-popping number of the stock quotes entered in the U.S. market's exchange system are canceled.
For example, on Feb. 18, trading volume on the Nasdaq exchange totaled about 1.247 billion shares, according to data compiled by T3 Capital Management, a New York hedge fund. However, over the course of the same day traders submitted offers to buy or sell stock for roughly 89.704 billion shares. In other words, only 1% of the orders posted on Nasdaq actually traded.
While a portion of cancellations are part of the natural course of trading, Sean Hendelman, chief executive officer at T3, says he believes most of these canceled stock quotes are from traders loading up a stock's computerized order book with essentially fake bids and offers.
Ironically, this is precisely what we have been claiming for years, and over the din of the HFT lobby whose comments have been very amusing over the past 12 months (but, but, but, they provide so much liquidity... so muuuuuch), it is refreshing and gratifying that the SEC at least preliminarily is siding with our view of things. And just like in the case of Flash trading, which one way or another will disappear, so too shall the HFT quote stuffing, sub pennying, and all the other irregular aspects of a twisted market structure we have discussed incessantly since inception, with the hope of making the market at least a modestly saner (and safer) place.
Please do not be alarmed if soon a buy signal does not force you to sell, as the bizarro veil of the market is slowly removed.
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When will ZH seek payment from the SEC for all services rendered thus far?
+1000
SEC blows. they fail at protecting us time after time after time after time after time...
That was a pretty funny link.
The SEC and Goldman Sucks could have their own make up song:
"I Love Teknoulogee"
http://www.youtube.com/watch?v=Fhq0KxHSwHI&feature=related
Maybe they can make the algos look like porn. SEC will be too distracted to work.
I have personally sent in 3 different requests to the SEC Office of the Inspector General to investigate WHY THE SEC IS NOT INVESTIGATING HRTs.
Mabye something is finally breaking loose? I have no clue why these institutions that are SUPPOSED to be looking out for J.Q. Public Investor is looking the other way, and protecting the Croni-capitalists that are rendering our "free market" to junk status.
Truely the SEC BLOWS hard.
They will probably do lik they did with the Moody's case and pass.
Was this sarcasm or were you being serious? Because the "why" question is too obvious. A captured regulator, captured both by the industry it regulates as well as the national security state, is why.
http://www.businessweek.com/print/bwdaily/dnflash/may2006/nf20060523_2210.htm?chan=db
If the national security state can exempt and excuse publicly traded companies from their usual accounting and securities-disclosure obligations (aka legal cooking of the books) by extension they can excuse the SEC from doing it's job.
Make sure you put the word "Bearish!!!" in every post, several times. This will screw with the Quant Spider Robots (QSR's) and cause HBB to ramp this market so that the real BEARISH ones short from a higher level.
Mess with your friendly neighborhood Spider Quant!
http://oahutrading.blogspot.com/
I think it was the term "flashing" that caught their eye
Wow the SEC was able to look away from porn for a moment. Maybe if we can convince then that the HFT bots are messing with their porno stream they will get motivated.
I think it needs to be explained in terms the SEC can understand. Tell them it is the equivalent of when ever you go in to bang a chick, some std infected douchebag bangs her first and you get stuck with sloppy seconds.
Now that is my kind of comedy. LMFTO
Correction:
I think it needs to be explained in terms the SEC can understand. Tell them it is the equivalent of when ever you go in to bang a chick, while you take the trousers off, millions of std infected douchebags bang her first (second, third, etc) and you get stuck with sloppy millionths.
Well clearly someone at the SEC reads this site.
Notwithstanding the notion that a cynic is one whose hopes have been dashed one too many times, in this instance, one can't help but hope once again.
Perhaps the notion that the end is in sight, if the only players left are the HFT's, who will eventually cannibalize one another, is finally prompting action.
Regardless, of whose self interest is at work here, perhaps this time really will be different.
FLASH ATTACK!
http://williambanzai7.blogspot.com/2010/08/flash-attack.html
dont expect much. its like obama saying he will "look into" something after the media or someone agitates. its like chevy chase at the grand canyon.
SEC's view of technology
http://vids.myspace.com/index.cfm?fuseaction=vids.individual&videoid=1439454202
SEC....action would seem objectively required....but not holding my breath...try explaining to to your 19yr Old the level of corruption in this market...still leads to a negative outcome....for those that are not even aware of the consequences to themselves.
17 weeks ago 2010-05-07
President Barack Obama said U.S. authorities are investigating the cause of a nearly 1,000-point plunge in the Dow Jones industrial average that left investors reeling.
“The regulatory authorities are evaluating this closely with a concern for protecting investors and preventing this from happening again, and they will make findings of their review public along with recommendations for appropriate action,” President Obama told reporters on Friday. He referred to the selloff as “unusual market activity.”
https://freeinternetpress.com/story.php?sid=25641#more
I won't hold my breath...
It wouldnt surprise me if more money wasted by funding the SEC then has been made with HFT.
They, and the politician enablers are the ones who have abused the public trust.
Kudos to ZH staff, who finally have achieved to wake up the SEC ( porn wantchers ) - although we do not want to forget - in every institution there are porn watchers and honorable men and women who are doing their job.
Let´s hope the SEC will finally ACT.
I find the WSJ comments interesting, to say the least.
It doesn't appear that SEC is going to question whether quote stuffing or sub-pennying is happening in the marketplace. It seems the point of inquiry is to determine whether the schemes are being used to manipulate stock prices.
The practice of sending quotes you don't intend to honor shouldn't be allowed. And if you send in a penny quote on a forty dollar stock-- and it crosses-- you should be prepared for the consequences.
The SEC is going to conclude absolutely nothing of meaning here. But it does make good press in a "do something" sense as we get closer to the November elections.
Expecting the SEC to level the playing field is really asking a bit much.
Be careful what you wish for.
No one has more at stake than HFT firms. So, accordingly, "business will work together with government" as it always has. Money will be spent like water. Publicly, HFT will be demonized (this is a lubricant to help the money flow). In the backrooms, the HFT firms will compromise with the regulators to produce regulations that appear to "fix" the problem, but actually protect incumbent HFT firms from new competitors.
Let's not forget, that they have been exempted from the FOIA.
Unconstitutionally, I might add.
They are now as shadowy as the CIA, except they serve no purpose other than to protect the elite establishment made up of crooked banks, billionaires and the politicians. A Kleptocracy at its finest.
How many people are coming to the realization that the governmental framework that used to exist in the United States, has been replaced, in secrecy, piece by piece, suddenly realizing that this isn't the same country that they grew up in?
Wow, such a non-event.
We know how their "looking into" Goldball Sacks and Muddy's ended.
Looks like with the current nervous environment their new modus operandi is:
1. Watch porn.
2. If some guy at a watercooler mentions a new issue, check with ZH to see if this is for real.
3. If said issue is real, and there is still no pressure from TPTB go back to p.1.
4. Otherwise issue a PR statement that you are going to look into the issue, and then go back to p.1
5. Ask the counterparty under GS guidance to pen the outcome of SEC findings.
6. Issue the final press-release based on p.5 and go back to p.1.
+ one glittering ounce on point 6.
All in a days work...clearly this calls for a budget increase...LOL.
Speaking of prices, the SEC, and the “Whole Stinking Mess” (WSM) in general…
Rounding Up the Culprits of Rising Prices by Richard Daughty (Mogambo Guru) | Lew Rockwell.com | 09/02-10
From Bloomberg.com we get the bad news that “Bank of England Governor Mervyn King said inflation is likely to exceed the UK government’s upper 3% limit in coming months as higher sales taxes drive gains in consumer prices,” which “rose 3.1% in July from a year earlier after climbing 3.2% in June.”
Apparently, he has to write a letter about it, probably something along the lines of “Dear British taxpayer, Our stupidity and incompetence have caused prices to rise more than 3% in a year, which means you are all doomed unless we government lowlife halfwits stop being incompetent, especially as regards monetary policy in general and creating far too much new money in particular, which we won’t. Terribly sorry, old chap. Respectfully yours, Mervyn.” ...
Of course, this cruel punishment of having to write a letter is harsher than the justice meted out in the USA, as New Jersey, and everybody connected with their pension disgrace, lied, hid relevant information and data, and is, according to the SEC, being charged with the fraud and corruptions of “withholding and misrepresenting pertinent information about its financial situation” so that municipal bond sales could continue. ...
Here in the USA, according to The New York Post reporting a “recent JPMorgan Chase study” of prices at Wal-Mart showed that “the world’s largest retailer has raised prices by nearly 6% on average over the past six weeks,” and, “Prices on certain items increased by more than half,” which is an instant inflation rate of 50%, which all thinking people agree is a lot of inflation! Wow!
Now, if you are like me, then you are already calling for rough vigilante justice and/or some mindless, merciless mob rule, an obviously hysterical over-reaction when compared to saner heads saying to simply let the justice system take care of these government and Federal Reserve creeps, and they will all be found guilty and locked away in a dark and dank dungeon for the rest of their lives, and you can go to the prison on visiting day and laugh at them and make fun of them right to their snotty faces, and tell them how much you enjoy seeing them slowly rotting in prison as punishment for having caused so much suffering and misery with their greedy, self-serving arrogant treachery.
So, we all finally agreed that they would let me up from being pinned rudely to the ground if I agreed not to advocate open revolution, rebellion of any kind, mob rule, vigilante justice, or have anything to do with any extra-legal “rounding up” of any, or all, of these malfeasant monsters for any punishment, well-deserved or not.
They, in turn, were required to stipulate that this Whole Stinking Mess (WSM) was proof of how justified I was in having so little faith in a lying, moronic, rat’s nest of incestuous government thievery and lying.
So, what happened to these lying, thieving Jersey scumbags who ripped us off? According to Ian Mathias, in his essay “Another Warning Shot for Bond Investors” here at The Daily Reckoning, “the penalty for this outright fraud” is “Nothing.”
In fact, “The State of New Jersey will pay the SEC precisely zero dollars. Not one state employee will pay a fine either, or go to jail…not even lose his job. In fact, the State didn’t even have to admit wrongdoing. ‘New Jersey agreed to settle the case without admitting or denying the SEC’s findings,’ calmly explains the SEC press release.”
About this time my fists clenched into Mogambo Fists Of Rage And Outrage (MFORAO), and I am screaming obscenities at them, and curses upon them, and exhorting the excitable gathering crowd to do the same and then converge on Washington, DC to take over the US government in some spontaneous revolutionary rebellion, whereupon everybody agrees to place me, The Fabulous Mogambo (TFM), on the Throne Of Absolute Dictatorial Power (TOADP), and thus begin the wonderful reign of the Fabulous Emperor Mogambo (FEM)!
This is where I bring back gold and silver as the currency of the United States to fix the dollar’s value to the only tangible things that have survived 4,500 continuous years of history, explaining their required use as money as written in the Constitution of the United States, and I will be a true American hero, and everyone will love me and proudly name their children Mogambo... http://www.lewrockwell.com/daughty/mogambo68.1.htmlKing
SEC is done investigating. Everything is fine. Move along. Nothing to see here.
On Technology:
...But the currency problem is not a problem which can be solved according to fixed rules. If it were, then perhaps a capable professor of mathematics would be the best financier after all. Monetary policy is not an exact science but an art. As such it is a sphere which will always remain mysterious to the man who is not capable of mastering that art, while appearing simplicity itself to the man who is.
But everything depends on initiative, on the ability to seize an opportunity, on vigorous action. All those currency projects which embody new ideas and suggestions for establishing automatically functioning principles are fruitless. It is not a question of the percentage of gold or bills behind the notes in circulation, or of note control, or the discount rate, but simply and solely a matter of the temperature and the pulse of economic life. In monetary policy, just as in medical therapy, correct diagnosis is the secret of successful treatment. All that is required after that is vigour and determination in carrying out the recovery plan. ...".
Hjalmar Schacht ended hyperinflation and stabilized the German Mark in the 1920s. Above are quotes from his "Acccounts Settled" autobiography.
Schacht's action put an end to pervasive frauds. He recognized them and interrupted their courses by acting decisively to stop German Reichsbank's [Central Bank] enabling activities.
He notes 3 main actions:
1.Barring "excessive" credit
2.Inhibiting rampant speculation
3.Abolition of private paper currency [not Reichsbank issue]. [Cf. the Fed's FRNs?]
...all 3 involved handling forms of fraud.
Good work zerohedge
An Overview of China’s Fake Mortgage Loan Industry
http://israelfinancialexpert.blogspot.com/2010/09/chinas-shark-loan-ponzi-finance.html
edit-wrong place
Curious indeed.
Be prepared to be slapped by that SEC wet tissue you nasty HFTs you.
In the United States, the government is frightened by the law.
I respectfully disagree, it's not peculiar to America.
They are frightened by us or they wouldn't busy themselves with issuing new laws so often.
We have a teenager next door who used to use and deal drugs when his parents were at work. One weekend last summer, when his parents went away, he threw one hell of a party. The noise, traffic and music were unbelievable. Three neighbors called the cops. No cops ever showed up. The next morning we found a teenager unconscious under his car. Finally, the cops did come. An ex cop from another part of the neighborhood told us that if you call the cops, you need to tell them more than there's a loud party going on. On a busy Saturday night they are answering the "shots fired" calls, not the loud party calls.
So, SEC: SHOTS FIRED!
How many: 87,000,000,000
WAKE UP!!!!!
Wrong post.
My god, the sec is investigating everything, wake me up when someone has some cuffs on{and im not talking about some low life thats banging the close in Palldium}..Until then its nothing more than more propaganda in an attempt to bring back retail investors..
I see sub penny quotes at a very big problem. Not only can the Computers see quotes before everyone else by the Computers placing sub penny quotes that no one else can place they step infront of everyone in the line. Even if you placed a quote for 20,000 100 share quotes you would still be at the end of the line. Yet, with sub penny quotes they can step right to the front of the line. No one else can place sub penny bids, only the Computers so this in itself gives them the advantage to place their trade ahead of everyone else. This is an unfair advantage. This also robbs the person who has a quote on the table of a fill. This is also an unfair advantage. This in effect is Frontrunning as it gives them the opportunity to step ahead of a valid quote already in place.
Sub penny quotes can manipulate the Market because they can continue to jump ahead of the ask keeping the ask from being taken out, when they want the stock to go down. Or, placing sub penny bids infront of the Bid to keep the bid from being taken out, when they want the stock to go up.
Just the fact that HFT Computers completely control the Market, traders behavior has also changed. Most do not place an order until they are ready to execute that order. No one wants to tip the Computer off on their intentions. This has unintened consequesces as there is now no debth of orders. All Trades are right at the bid and the ask. Being that the Computers are supplying aprox 80% of all bids and asks all they have to do is to withdraw their bids when they want which automatically pushes the price of a stock down. The reverse can also be done by the Computers when the want a stock price to go up by just withdrawing all of the asks. This allows Market Manipulation.
Canceling trades a breakneck speeds is also a problem. As soon as a trader places an order to execute on the Computer trade the Computer cancles the order so the trader does not get a fill. Being the Computer can see the trade comming to execute on the Computer trade they cancel that trade and take the Market in a different direction because now they know the other traders intentions to either buy or sell a stock. This way if there is a large order say to buy, they can cancle their ask and immediatly put in a buy order to front run the order and deny the trader a fill. All of this can be done before the Trader trying to take advantage of the Computers trade, before trade even hits the market. This is frontrunning a trade. The trader will eventually get a fill but not before the Computer has pumped the price up because by the trader not getting their fill the time it takes to cancle the order and replace it at a higher amount the Computer trading in nano seconds can get the stock price up by $1.00. The advanced knowledge of a trade gives the computer an unfair advantage not available to any other trader.
The Computer can be programed to get a stock to a certain price and then maintain that price through out the day. It is so easy to spot. A stock is either pumped or dumped by the Computers in the first 1/2 hour of trade and flatlined all day long. This in effect is Price Fixing. If you watch the tape you can see that if the stock deviates from the desired price the Computer slowly trades it back to the pre programed fixed price for the day. Stocks used to fluxuate up and down all day by a dollar or so but now it is just a flatline all day long. This is Price Fixing.
This in my opinion is illegal activity as the Computer is being used to Frontrun Trades, Manipulate the Market, Price Fixing and by the sub penny trades to step in front of valid trades already in place.
I would suggest that the SEC immediatly stop sub penny trades and the Computers access to quotes before everyone else. Also, would implement a minimum of a one minute time period for all quotes submitted to the market by the Computers. I would like to see this done while they are investigating. It is clear to me that even Retail Investors that are fleeing the Market in droves can see what is happening. We have seen even professional traders like Hedgefunds getting out of the Market. With so many traders leaving the Market it is taking even more liquidity out of the Market and leaving just the Computers to control our Financial Markets.
It is a sad day when a Computer can determine what price the stock of a Company can trade for, dispite that Companies fundamentals.
P.S. This leaves our Capital Markets in the hands of a few Very Large Players. Mainly about 4 Banks. Congress has tried to fix the To Big To Fail, yet with High Frequency Trading they have given them even more Power to weild the Financial Market at their wim. So, if they do not like what Congress or the Senate is doing they Tank the Market. Just like in 2008 when the To Big To Fail Banks demanded Trillions from the Government.
This gives a few way too much power over the United States Economy. More power than our Government. This is in my opinion a Security risk to the United States.
+1 for ending the sub-penny orders
If you hit the Bid or the Ask you will almost certainly get a sub penny fill. Cannot tell you how many stocks I own at say $10.0003 or $3.0999. The stock to really watch if you want to see sub penny at its best is ABK. Boy, talk about sub penny heaven. Ex. Bid .5955 Ask .59.66. Just crazy. Or watch any stock under $5 or especially around $3.
It's not only about quote stuffing. I've been looking int HFT for about a week to do it myself and what it actually is, is this:
1: You need 2 trading accounts
You first buy for example 1000.000 share at 20$
You want to sell these shares at 21$ so what you want to do is drive price up as fast as you can. You can do so by also buying everyting on the offer side till 21$
You strategy also needs to be that you are nr1 at 23$
So the stock is at 20, and you type 21 at market.
(this is where the risk is, because HFT is really NOT without risk)
and every offered share between 20 and 21 become you'rs. The HFT software does look for a window for you where the bid side is low, very low to supress the costs involved. Downside is that this happens when volume is low. (You don't want to do this with a company like CITI where there are traded 700 mil. shares a day)
And when you see the hole, the soft kicks in and the stock kick's up 5%
As you're trading with 2 accounts, you're buying you're own shares once at 21$ because you put in the first sell order at 21 so once at 21 it costs you only the transaction cost.
And where do you make money?
Whell, once the stock for example jumps 5%, retail traders get that stock on their radar and start buy. Start buying... your stock.
Your buy order are for example 50 X 20.000 shares. And anything the retail buyer pick up is your profit.
On average you make a profit of about 0,34% on average.
Most would say: THAT'S STUPID!
But if you can do this EVERY day, I salute you.
And you can do this on the upside but also the downside.
FLASH CRASHES?
The programm starts selling the stock at 23$ when volume is low. It constantly screens the stock. The crashed occur when the bid is low and ask is high and some moron add's "sell at market".
but but....?
the money isn't made by the HFT trades. They lose there money actually.
The money is made by some retail traders that put in trades on stock at 0.001$.
This is done for decades already. Sometimes they get lucky. And with HFT it happens more often.
The shit really hits the fan when 2 HFT trades attack the stock at the same time!
So to see this problem disappear, everybody is waiting for a upgrade on the HFT software 2.0
It will NEVER stop. You'll just stop noticing it.
Remember when Pete Najarian broke his finger trying to trade like a Computer? If that is not a sign of the times.
Hey, Sudden Debt, the real HFT is done by market makers who arbitrage between stock exchanges. What you are talking about sounds like a Monte or "Lottery scam" recast to sound like HFT. Trading with multiple accounts for the purpose of price manipulation is a red flag. Only big banksters can get away with that.
To see an entertaining overview of scams, search google for "UCAM-CL-TR-754" on the seven principles of scams by Stajano and Wilson. The paper "Large Investors, Price Manipulation, and Limits to Arbitrage: An Anatomy of Market Corners" by Allen, Litov, and Mei details historical stock market manipulation.
The use of low ball offers to catch "at the market" dummies is at least a 70 year old trick. It is not supposed to occur if market makers are doing their job, unless they are asleep or decide to look away while their other hand or friends (straw buyers) snag the dummy. The SEC regularly invalidates the most extreme of such ripoff trades in an effort to keep up appearances of a fair market.
Next year, 'Dark Pools'. Maybe brain-storming
with Gary Gensler's CFTC was the wake-up call
for trading in the shadows.
SEC aka Suck Enormous Cocks? What are they going to do? Absolutely NOTHING. When have these paid off crooks done anything to improve investing on scam street? All they do is tell you they are looking into it, while they surf chickswithdicks.com all day long.
These crooks are in bed with the other crooks, and you expect them to ban anything? HFT should have been banned a long time ago, yet the scum continue their ways day in and day out like clockwork.
Retail is not returning to this market until they get rid of HFT, I guarantee it. Baby Boomers have all but pulled their last few dollars out of this ponzi scheme market. No way they are going to risk what they have left on Enron accounting fraud companies. Many have already been bitten once over the years, and they aren't going to sit around waiting on the next gashing. Hence 16 straight week of fund outflows, and soon to be 17 straight weeks.
"Everyman" has taken action by contacting the SEC. Maybe the rest of the ZH community can help Tyler's efforts by "quote stuffing" the SEC with their discontent?
Enforcement :
Enf-Search@sec.gov
Chairman :
chairmanoffice@sec.gov
Trading and Markets :
tradingandmarkets@sec.gov
Don't forget the SEC Police police, the Inspector General. He is there to check and investigate the SEC on WHY they are watching trannie porn and WHY they are not doing their job, and there is a big deal with the SEC dropping the ball with Moddy's.
http://www.sec-oig.gov/
oig@sec.gov
and the complaint form
www.reportlineweb.com/sec_oig
MAKE A COMPLAINT. THEY HAVE TO RESPOND TO COMPLAINTS ON TRADING FRAUD!!!
I have done this with EPA and OSHA and FEC as well. The Office of Inspector General is a pretty big deal and the agency DOES fear that office.
SO make your complaint to the regular SEC and then do another through the OIG
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