Katsuyama Vs The High Freaks Round II - Senate Hearing On HFT Live Feed

Tyler Durden's picture


In what we are sure will be a reassuring hearing full of confirmation that markets are unrigged, safe for investors, and why retail has never had it better, the Permanent Subcommitte on Investigations will start by hearing from IEX's Brad Katusyama who will, as he did before, put them straight on the real actions of the high frequency trading community... Remember the last time HFTs tried to defend themselves... they lied.

The last time HFT defended itself... it lied...


Let's see how they do under oath... (link here as embed stream appears unstable)

Here is CSPAN's coverage (click image for link)


The Subcommittee hearing will examine conflicts of interest in the U.S. stock markets and the impact of such conflicts on consumer confidence, including in the context of high frequency trading. In particular, the hearing will focus on the conflicts of interest that arise between the obligation of brokers to provide their customers with best execution of their orders to buy or sell securities, and the brokers’ receipt of payments from other brokers for order flow and rebates from some trading venues for placing those orders directly. Witnesses will include representatives of stock exchanges, brokerage firms, and institutional investors, as well as a securities market expert. A witness list will be available Friday, June 13, 2014.


President & CEO
IEX Group, Inc.
New York, NY

Professor of Finance, Mendoza College of Business
University of Notre Dame
Notre Dame, IN


NYSE Group
New York, NY

Chief Executive Officer
BATS Global Markets, Inc.
Lenexa, KS

Principal and Head of Global Equity Index Group
The Vanguard Group, Inc.
Malvern, PA



Senior Vice President, Trader Group
TD Ameritrade

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Tue, 06/17/2014 - 09:40 | 4864655 PlusTic
PlusTic's picture

dog & pony show...nuthing will change, it never does!

Tue, 06/17/2014 - 09:41 | 4864661 gh0atrider
gh0atrider's picture

Wall Street is rigged.  Bitcoin is the answer!

Tue, 06/17/2014 - 10:08 | 4864783 SoilMyselfRotten
SoilMyselfRotten's picture

What? Obrien is a proven liar and he didn't get a seat on the panel?

Tue, 06/17/2014 - 10:21 | 4864834 Headbanger
Headbanger's picture

Katsuyama Samurai house:



William Benzai :  How about a photo of Samurai Katsuyama taking some HFT heads off with the 'ol family sword!?


And it's a lot easier  than setting up guillotine too!

Tue, 06/17/2014 - 10:25 | 4864866 gh0atrider
gh0atrider's picture

There will be bits in the valley.  There will be bits in the valley for me.

Tue, 06/17/2014 - 10:21 | 4864846 redd_green
redd_green's picture

tell that to all the bitcoin holders that got MTGox'ed, by that crook Mark Karpeles, with no grease

Tue, 06/17/2014 - 10:24 | 4864862 gh0atrider
gh0atrider's picture

Why should gh0atrider tell them?  They already know they're idiots.  Fuck them.

gh0atrider and fonestar have never lost a single satoshi to theft.

Tue, 06/17/2014 - 09:40 | 4864657 gmrpeabody
gmrpeabody's picture

"Let's see how they do under oath..."

That's laughable...

Tue, 06/17/2014 - 09:41 | 4864659 Pooper Popper
Pooper Popper's picture

Fucking Cockroaches!

Tue, 06/17/2014 - 09:41 | 4864663 Hippocratic Oaf
Hippocratic Oaf's picture

Get yo popcorn ready!


Tue, 06/17/2014 - 09:41 | 4864665 Racer
Racer's picture

ZH you should have put a 'WARNING do not read if you are eating or drinking' before this:



Tue, 06/17/2014 - 10:28 | 4864894 DeadFred
DeadFred's picture

Perjury before Congress will carry serious consequences... as soon as Holder gets around to prosecuting them.

Tue, 06/17/2014 - 11:20 | 4865138 Four chan
Four chan's picture

holder is a good name for a bag man.

Tue, 06/17/2014 - 09:43 | 4864672 knukles
knukles's picture

Thank God for Abenomics, the mass of new high net worth consumers flooding across our borders under the new "don't bother to be asked shit" immigration policy, decisive leadership and lots of golf.  No other way could fatih be restored to a perfect system.

Jump you fuckers.

Tue, 06/17/2014 - 11:23 | 4865156 NidStyles
NidStyles's picture

Knuk, my good friend. The world is changing. You goota either keep up and understand that you can't stop it yourself. Otherwise you're likely to have a coronary, and that wouldn't go over well with your healthcare coverage. 

Tue, 06/17/2014 - 09:46 | 4864690 Atomizer
Atomizer's picture

HFT via blackpool is a skimming operating. Shut the fucker's down. This is not a free market economy, rather a controlled market. I can only hope that the Kenyan negro is involved and his crafting administration. The IRS Emails should expose everything. 

Tue, 06/17/2014 - 09:53 | 4864719 youngman
youngman's picture

I am sure there is a drop your donation to the politician box as they enter the room....and a bell sounds if it is big enough

Tue, 06/17/2014 - 09:56 | 4864744 Chippewa Partners
Chippewa Partners's picture

Will Ameritrade allow managers to direct trading to IEX and bypass their payment for flow operation?

I know, wishful thinking.


Tue, 06/17/2014 - 13:13 | 4865648 Hacksaw
Hacksaw's picture

When I inquired about it they told me they were looking at it. I wouldn't hold my breath.

Tue, 06/17/2014 - 10:03 | 4864761 BullyBearish
BullyBearish's picture

Full faith and credit has left the building...a fraud backed by force controlled by luciferians

Tue, 06/17/2014 - 10:26 | 4864860 Soul Glow
Soul Glow's picture


How many Congressmen use financial institutions that employ high frequency trading?


Tue, 06/17/2014 - 10:31 | 4864906 donpaulo
donpaulo's picture

speak truth to power


Tue, 06/17/2014 - 10:34 | 4864923 Sorry_about_Dresden
Sorry_about_Dresden's picture

Just great.My Google phone doesn't support fflash and the cspan app. Is not playing that hearing.

Tue, 06/17/2014 - 10:43 | 4864956 Da Yooper
Da Yooper's picture

Remember the last time HFTs tried to defend themselves... they lied.


Oy vey vaats a little lie here & there got to do vith anything ?

For us lieing is perfectly legal

Tue, 06/17/2014 - 10:45 | 4864971 RaceToTheBottom
RaceToTheBottom's picture

Money is abandoning WS for more ethical venues.

What more data do you need?

Tue, 06/17/2014 - 11:42 | 4865246 armageddon addahere
armageddon addahere's picture

According to Michael Lewis's book Flash Boys Katsuyama is one of the good guys. His company is supposed to beat the HFT algos and allow honest trading.

Tue, 06/17/2014 - 12:01 | 4865361 sbenard
sbenard's picture

Just finished reading FLash Boys by Michael Lewis last week.

IEX is the only exchange that isn't rigged in favor of the HFT. I'm glad my broker uses them.

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