Mary Schapiro

Full Kaufman Letter To Mary Schapiro, Or Is The HFT Party About To End?

Issues under attack include everything that currently lays the groundwork for a multiple-tiered market, including:

  • Flash Orders
  • High-Frequency Trading (with a juicy tangent regarding Renaissance Technologies)
  • Co-location of Servers at the Exchanges and Other Venues
  • Direct Market or Sponsored Access
  • Dark Pools
  • Liquidity Rebates
  • Retail Order Flow