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Goodbye High Frequency Trading - Regulators Seek Secret HFT Codes
The crusade against High Frequency Trading which Zero Hedge started well over two years ago, is now coming to an end. Reuters reports that U.S. securities regulators have "taken the unprecedented step of asking high-frequency trading firms to hand over the details of their trading strategies, and in some cases, their secret computer codes." As everyone knows, the only thing of value within the sub-penny scalping HFT universe are the odd nuances in computer code. Which is why its supreme and undisputed secrecy is sacrosanct. As soon as anyone, especially a regulator, has a whiff of understanding how any given algorithm works, it becomes the equivalent of collapsing the wave function: observing the HFT theft-scalping duality in action eliminates the Schrodinger equation associated with any simplistic algo and collapses its "wave function" to a worthless series of ones and zeros. Said otherwise, this is the end for HFT.
More from Reuters:
The requests for proprietary code and algorithm parameters by the Financial Industry Regulatory Authority (FINRA), a Wall Street brokerage regulator, are part of investigations into suspicious market activity, said Tom Gira, executive vice president of FINRA's market regulation unit.
``It's not a fishing expedition or educational exercise. It's because there's something that's troubling us in the marketplace,'' he said in an interview.
The Securities and Exchange Commission, meanwhile, has also begun making requests for proprietary algorithmic trading data as part of its authority to examine financial firms for compliance with U.S. regulations, according to agency officials and outside lawyers.
The requests by SEC examiners are not necessarily related to any suspicions of specific wrong-doing, although the decision to ask for it can be triggered by a tip, complaint or referral.
It's all in the code:
Trading code is a high-stakes secret for high-frequency firms that battle each other to earn razor-thin profits on tiny price imbalances in the market. Such firms can make thousands of trades per second and provide much liquidity to the market.
High-frequency trading is estimated to be involved in more than half of all U.S. stock trading. Regulators have said the algos behind such trading were a factor in the flash crash, but that they did not cause it.
Carlo di Florio, who heads the SEC's Office of Compliance, Inspections and Examinations, said the agency started asking firms for proprietary algorithmic trading data over a year ago, and has since more broadly incorporated such requests into its risk-based exams.
Most of the algo-related requests, he said, have been made to hedge funds that use quantitative trading strategies.
Although some lawyers and industry sources have said the SEC has asked for the actual computer code itself, di Florio said such a request is "very rare." Instead, most of the time the SEC has been asking for research papers containing sensitive information about trade reasoning and proprietary formulas.
Luckily once the HFT scourge is over, it will finally return the market to a normal state of liquidity and volume, not the current churn of rebate paying stocks (all 10 of them in a universe of 5000). Yes, some liquidity may be lost. But what remains will set the basis for a return to true efficiency.
After this momentuous victory against the "robots", the only event that could possibly top it, would be extrication (by force or otherwise) of the Chairsatan and his globalistic central planning cohort from capital markets.
At that point the stage for restoration of normalcy will finally be set.
In the meantime we will take it: one day at a time... until the war is finally won.
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I say it's window dressing.
Bring back pit trading............a slow motion form of thievery vs. this nano-second burglary bullshit.
hilarious :)
first question that comes to me mind is how long before the ESF boys get their hands on that info? but then, i'm tinfoil like that.
http://www.zerohedge.com/contributed/yakuza-we-have-evolve-our-business-...
I see London, I see France; I see HFT's underpants.
What's next, banks marking to market? The government spends within its means? Bad actors don't get bailed out?
Madness!
wait til the algos get pulled, is'nt that just another algo
I will celebrate the end once I stop seeing the market rocket up 150 points out of nowhere.
I think August broke the back of the HFT camel. You can hide a bit of manipulation buttriple digit swings including the great 1200 point morning insanity finaly proved something had to be done regarding HFT. The quote stuffing, total bid/ask freakouts proved the market to be broken.
But what levitates LULU to $250 now?
Will we really be able to bring down skynet? Won't the bots fight that to the death. This hasn't been a real market for 30 years since "program" trading started. It's the brokerage houses loading up and dumping to their suckers, er uh, retail customers.
Tuning your pulse rifle would be a prudent precaution.
HFT will continue as usual in US. Nothing will ever be done to them. However, the rest of the world should watchout, pentagon is going to use it to crash their financial system as needed.
My guess is that the regulators want to look at the code and see if it is viable going forward. The banks don't want margin calls going out but unless the HFTs are capable of stealing an adequate amount of money poste haste they may have to. Either that or they must suspend mark to market for hedgies too?
VICTORY!
It is fantastic news!!! Hate to look a gift horse in the mouth but what the he'll took so long, this practice is absolutely CORRUPT!
The problem I have with this is that it will be inconsistent. Firms will do their best to deceive, providing old, deprecated or flat-out bogus code and strategies, keeping their live code (and strategies) in house. It's a risk they'll be comfortable taking because it's damn hard for the SEC to catch them out on it. Then there's the issue of fairness. A dishonest response gives a firm an edge over an honest response, creating an incentive to lie, plus there's the inevitable uneven treatment of firms, some being targeted aggressively while others are left alone. Then there's the issue of the SEC likely lacking the in-house skills to understand bot code if it really *is* handed over, and the legal issues in play here regarding IP.
A better solution would be to target the ecosystem in which the bots operate, rather than the bots themselves. Change the ecosystem so that bots have difficulty surviving, a relatively simple thing to do that is cost effective and effects all of them. Lots of good ideas here, the best being ones that make a quote/trade actually mean something. For example:
- eliminate liquidity provision rebates
- charge a fee for canceling/editing a quote too quickly
- charge a fee for unwinding a trade too quickly
- limit quote rate
- establish registered point of origin timestamp providers (very tightly synched across the network) and enforce strict order queuing based on timestamp (meaning small delays to execution) to eliminate latency based (lag) front-running.
The fees involved would be so small that on occasional discrepancy would barely be noticed, but for serial offenders it would spell the end. It would effect liquidity but I'm of the mind that this would be irrelevant because the "liquidity" we see now is FALSE liquidity (ie, it's there until you actually need it). In the constant pursuit of liquidity, exchanges have actually created an environment now with false liquidity, providing an illusion of health and a misunderstanding of real risk; factors that are NEGATIVE for markets. Eliminating this false liquidity by making a quote cost/mean something would actually help markets to function correctly.
As it stands now, "price discovery" represents network latency factors and has nothing to do with underlying fundamentals of the company involved...until it does and the price drops by 80% in 5 seconds.
"...extrication (by force or otherwise) of the Chairsatan and his globalistic central planning cohort from capital markets...."
lmao!! go zh go!!
What if HAL the HFT.s don't open the podbay doors for Dave the SEC?
Get back in here! Turn those machines back on!
Think of the 45 jobs that will be lost because of this overbearing government interference
Think of the 45 jobs that will be lost because of this overbearing government interference
cha'
Wonderin' what is the "new normal" to coin a phrase.
- Ned
HFT is like a highly invasive species. It colonizes a new habitat, proliferates and out-competes existing flora and fauna for resources, basically killing off the formerly "normal" stuff.
If we then spray some chemicals around and kill off the invasive species, it takes a very long time (often never) for the original wildlife to re-establish itself. In scenarios where the original system took thousands of years to evolve into an equilibrium, the disruption and removal of an invasive species is so damaging that the original ecosystem either never re-establishes, or will take thousands of years to get back to "normal".
Regulators really fucked up letting HFTs invade the trading ecosystem. It could take years to return to health.
To get reelected ,Obama needs to pretend he wants transparency and fair play. Its a joke to believe that the government wants to stab the banks and traders in the back for political points and see no repercussions.
Goldman, JP and the rest will pull the plug and kill the stock market pronto to show the Feds who their Daddy is.
Ithout algos, theres no buyers. We are talking Dow 5000 without the POMO machine.
If this is true, the banks may shoot the hostage and crash the markets - if a serious form of revenue is threatened and jailtime threatened.
I'm sure the Feds want the code- to fight the Russian and Chinese hackers who janked Goldman hft golden code on a thumbdrive. The want defense and they want to hve stocks appreciate on a constant basis to show that the stock market is safe, inflates steadily and provides constant asset value apprecition. This is what Obama wants and he doesn't get why the market cannot go up 2% a year. Command control economic dogma seen in Soviet Union
Well, sounds to me that shorting the market for more than a day may not be too far away. Cannot wait. Since when did the SEC get religion? This is a breath of fresh air. Now if they would just put Lloyd and the rest of the "boys" in a high security special prison cell" and indict The Bernank, then we are on to something. Until then, I keep buying physical.
>implying the Fed will actually do anything or issue any sort of meaningful penalty
1) How is the SEC going to know they're getting real algos?
2) Who at the SEC is going to have a clue what to do with them even if they got them?
It knows. The "Security" apparatus is huge.
SEC will know if droids turned over are not what they asked for.
Leia to Luke - "KIss for Luck!"
Defy death.
It isn't even the algos that matter. Unlimited fiat + unlimited bandwidth doesn't require a complicated algo.
Tyler--
Props to ZH for bringing an understanding of HFT to a wide audience. If and when HFT goes down, it will be because of your efforts. It can't happen too soon. Thanks for all you do.
Cheers!
I wouldn't be surprised if some of the retail investor set didn't also help ZH on this:
http://www.cbsnews.com/stories/2011/06/05/60minutes/main20066899.shtml
But, yes, KUDOS!
Please, oh please....
DavidC
Let's hope SKYNET doesn't go self aware over this. It may not want to be disassembled.
Hope you're right.
Good riddance.
Impractical but let the quants fight against themselves while the retail money sits on the sidelines, eventually the last quant standing is not only the richest but has the best trading programs. Then who are they gonna rob? Reminds me of a movie, can't recall the name now, about the computer playing tic tac toe and finally realizes that always winning is boring.
***puff ***pufff
Will this be like when Nintendo came out and crushed Atari?
Back to ticker tape, beaches!
No HFT + Tobin Tax = square root volume
If the prop desks are all dead then poor sergey went to jail for nothing:
http://www.huffingtonpost.com/2011/03/19/goldman-programmer-code-theft_n...
A ruse,
or,
infighting amongst The Scum That Be (it's pretty much time).
Interesting, next thing you know we will have market makers and specialists back again. Will we see wider spreads and-calmer markets? I'll believe it when i see it.
they might be checking to see if anyone is using bits of stolen squid code. whatever it is it isn't for what they say it is for.
1) stress test for HFTs
2) looking for stolen prop code
3) other nefarious spying
haha, you cynical bastard :-)
Just posturing. You REALLY think this is the end?
Not likley, just a side show once again ... nothin to see here, move along.
Afterall, has anyone done the perp walk for housing except from the houses that went down inthe credit blow out?
They came after the prop traders because they had an edge. I wasn't worried because I wasn't a prop trader. They came after the high frequency traders, because they had a better algorithm. I did nothing because I wasn't a high frequency trader. They came after the hedge funds because they had better information. I did nothing because I didn't run a hedge fund. They came after the mutual fund managers because they has better researchers. I did nothing because I wasn't invested in mutual funds. Then they came after my Etrade account and I wailed because there was nobody left to defend me.
If you want free markets you have to take the good with the bad. Somebody will always be looking gor an edge.Markets will always find a way to weed out the bad. Whether it's a crash that wipes out an algorithm or a deal that falls through. The market will always wins in the end.
1) I know a site where you can play poker against an opponent who can see your hole cards. Want the address?
2) E-Trade? fo shizzle?
If you're stupid enough to play the game you get what you deserve. I accept the fact that there will always be corruption in markets. I also know that the more you regulate them the more ingenious the ways to get around the regulators. You may like the heavy hand of government in your life but I still believe in due process. I don't feel that government has a right to demand a person or entity turn over private property.
Do you believe that Las Vegas casinos have the right to refuse service to gamblers whose blackjack game is too strong? Pensions are the victims here and they are poorly and corruptly managed and outgunned on the trading venue. Those people have no choice but to be victims if they aren't protected. Saying that one shouldn't play a corrupt game helps them not at all.
Well if they are that bad at investing and trading they sure as hell should be investing other people's money. Bottom line is if they get rid of high frequency trading something else will take its place. That's the market. Accept it or go play chutes and ladders.
So using that argument you are suggesting that one of the two if us shouldn't be allowed to trade in the market because of our trading skills. You may be better than me so therefore you shouldn't be allowed to trade.
ahem; http://www.youtube.com/watch?v=8NlrgjgOHrw
as a reminder, the SEC investigated madoff 8 times and found nothing wrong. and we're still waiting for a prosecution of all the naked shorts that helped crash lehman.
as for prop trading...they just move to market making desks, the firms own hedgefunds (ie; gsam, highbridge...etc.), or spin out and get seed money from their own firms.
same ole same ole.
Probably waivers for JPM and Goldman. This should only impact the competition. Maybe they'll use this argument to "slow the internet" down.
If they ban Hi-Fi trading, then some other scheme will be concocted where the PigMen and Wall St. Elites will have an advantage.
No different than back in the 1920's.
Nothing is going to change.
There will always be something for the Armchair Anarchists to complain about.
It wont be banned unless it is shown to be frontrunning or market manipulation, but I suspect it is both. One can metagame two hft algorithms that are each trying to game each other. The higher level manipulation will be undetectable because there will be no discernable pattern. This might be how hft manipulates markets in the future, by gaming two SEC regulated hft algorithms. Goldman Sucks will always stay one step ahead.
Let us not all go ding donging until the HFT witch is in fact dead.
Bill, can you photo shop that for me? Pictures speak so much louder, and clear, then words.
Thanks.
Snoop Dog wants to know the code, f'schizzle.
If by the end of hft you mean the end of excess profits because more people are doing hft you are right.
hft tactics wont end. They will just become the norm. People using hft will still have an advantage over those who dont hft. This tyler is somehow different from a previous guest Tyler who didnt believe in efficient markets. But the mere spread of knowledge of how hft works is insufficient to collapse the sign wave or end excess profits, or make the market more efficient, however you want to say it.
It will actually require more people to use hft trading algorithyms in order for the excess profits or inefficiencies to disappear, not just mere knowledge of how hft works.
if this truly the case ,great. but with all the money involved(read profits) I doubt it. But the day will come when traders such as myself, who follow the rules , post bids and offers only to be sub-pennied by some frontrunning asshole will take back the market. The shame of the matter is that Mary Shapiro and that asshole who runs the NYSE have WHORED themselves to the HFT crowd, rather than do their jobs and keep a level playing field for all traders and investors. The day will come.
with all due respect, it's Code, as in the lines of programming instructions people write, not codes, like secret passwords ;)
Listen its a free market anyone can trade their dollars. No one can force a trade, it takes two willing parties to make a trade happen. If someone has the dollars to do a million trades and push a bid down, good for him. But if he's on the wrong end there's gonna be hell to pay when it comes time to unwind the trade. Too many whiners here IMO. 90% of traders are losers, they always need something to whine about.
If it really does front run the bid/ask matching process then there is something to complain about. It is theft.
A huge theft in aggregate. This has to be why goldman was so gung ho in pushing for tenth of penny trades, but of course they said it would tighten bid/ask spreads and make the market more efficient. Hahahaha!
Gov't an*lysts grok Ada, wuth they gonna do with a googoplex of C,C++,C#,Java,Perl,or Python?
But what about liquidity, apple pie , motherhood and the American flag??
No wait, that's baseball.
Poor Robo...deactivated before his time!
The begining of the ZeroHedge Law Suits is upon us...
Some Small..
Some Big..
But ALL! to serve one purpose.. Drain Tyler of his life blood!
save your Junks.. better that he / we get prepared for what is coming..
I, being of a cynical nature (who,me?) think thus:
Too many big fish got stung and robbed this month (Paulson, Ackman, Tilson, others), And they complained. Along with their heavy hitting clients who also are getitng stung.
So the heat is on.
WHen I complained formally to SEC about HFT with submission of evindence back in 2009, they blew me off totally.
Meaningless theatircs meets its twin.
Great work,Tyler.
I originally came to ZH because of your posts exposing HFT and order flashing. I got hooked for lots of other good reaons too. ZH and all who post and support the site are doing a service as concerned citizens to expose what has gone awry before its too late.
This is the best news I have heard in a long time. This HFT BS has nearly destroyed the free markets. Great traders have busted out because of this hi-jacking the markets. Speculators that have been an asset to price discovery have left in droves. HFT is nothing more than STRUCTURED THEFT. If this story is true it is a game changer.
Lots of moving parts. and a few not yet mentioned:
- Some of the code is being generated so turning over the code engine won't show you a thing. You'd have to replay the data, assuming you could determine the data the engine is looking at, through the engine, which is also not static - it evolves too - and it is aware of, among other things, arrival rates (latencies) so your replay engine would need to be extremely sophisticated.
- Tobin tax exceptions need to be developed to give rebates to true liquidity providers.
You're right.
You must simulate the algorithms under timing charts and under certain scenarios to actually see what is going on.
Some might even act altogether different due to chaos formulae or cumulative computational errors if run too long.
things always come full circle....on a long enough time line...lol
maybe the progression of getting into the price discovery, by nuance, indeed has finally reached its infinitesimal end.
ironic that a good punch to the Pocket-pal , will take it back down to the "Brute force" level of manipulation.
this is bullshit TD, and you of all people should know it. ie. out of HFT's pockets and into GS's
Kudos to ZH for having the smarts to recognize the true nature of HFT and for having the guts to speak up about it.
Success has many fathers. Look for others to jump on the bandwagon and try to take credit for this.
@John Law Lives
ZH made a name for itself going straight for TBTF juggler. It was the first (and for a LONG time) the only major outlet that took it on the TBTF financials and the scourge of HFT. I won't wait on any Pulitzer prize nominations, though.
ZH offers a great service to the public. Let's hope powerful whoremasters out there don't try to shut this site down.
What are the bulls going to do without the HFT crutch?
When the crap about Goldman's code being stolen was noted in the press as code... "That could manipulate the market"... nothing happened. Anybody involved to some degree in the trading market knows the HFT bots act as manipulators. Yes, this includes those useless idiots at the SEC. The article states they've been asking for code for over a year.
A year (at the minimum) of knowing this BS is happening yet nothing is done. To just now state something is "Troubling us in the marketplace" to make this move shows their lack of being any kind of regulatory division which we all know anyway.
Blatant manipulation, illegal quote stuffing, etc.. wasn't enough for them to act until they FELT something troubling them in the market place? To heck with enforcing the regulations, we'll just wait until we feel like something isn't right and then act. What a C.O.S! People are getting FED UP and I'm happy to see some of the sheeple starting to pull their head out of the sand and cashed out of the rigged casino - saying "I'm leaving the table". Now you just need to hide it so they don't come and find another way to steal it from you... and they will try.
So why this decision now? That's the question to be asking. Is it happening only because some people WANT it to happen? If yes, why now? Follow the money. Since the ESF, Treasury, Wall St, The Fed, and our sorry excuse for a Government mainly get ahead by: Not following the law, Lying, Stealing, Re-writing the law to their advantage, Socializing the losses, and F^#*!ng over anyone and everyone....... What scheme (more than likely already in place) takes over this one?
Something stinks in Denmark! This decision isn't for the greater good. It may look like it, but the propaganda machine is running with Bernank's deliberate devaluation of the dollar. While I'm mentioning that.... The Fed is portrayed as the dog that wags the tail, but it is in fact the tail being wagged by our own.
Smoke and mirrors folks. And I agree with many here... Something is brewing and it's gonna be big. It may look like justice served - but that too is part of the plan. It's only served to keep the people from rising and while the people are claiming victory in the streets - unknown to us... they've sneaked up behind us and back doored us once again.
Hmmmm...they're on to me.
Wow. Now here's a thought running in my brain. They actually bust and jail these mofos right before the big crash. Therefore the criminals are safely in jail where pitchforks, nooses and guillotines can't reach them? : ) I will believe something honest happens out of all this when I see it.
I see this as the governments are extremely nervous about another HFT-induced meltdown that causes irreparable harm.
Wave function, bitches.
The HFT code will get downloaded to the SEC mixed up with a bunch of tranny porn files...
More Obama Bin Lyin':
Nothing will get fixed, regulated or done... Mary Schapiro will still be the SEC's head chick with a dick...
I'm not buying any of this "reform HFT" "suing the TBTFs" bullshit until Jamie & Lloyd are shining shoes in prison... in a cell next Bernie doing Madoff time...
Gimme a shine, Jamie...
It is gotten so bad that we need to remember and celebratate those that do provide opportunities.
Long Live The Regulators! free market couldn't possibly deal with HFT abuse itself, it must be removed by force, right?
Sorry guys but it's crypto-socialism: assuming privately operated exchange is a public property that must be regulated by the state for "common good", whatever it is. personally, I'd prefer deregulating this industry so an exchange free of abusers, margin hikes, arbitrarily executed rules etc could be set up anytime, anywhere.
Offshore HFT. SEC can't police the world - let alone Wall Street. Same reason banning short selling doesn't work very well - it isn't global.
Agreed. I'll believe they are gone when I see it.
Turn on the computers to save the market....turn off the computers when the coast is clear and no more QE is required. You could see this coming from the start of QE1.
Tyler, love you guys, but a tad naive. I predict nothing from this, in fact I consider it theater so they can pronounce hft all good and well.I believe finra IS AN INDUSTRY OWNED REGULATOR, AND THE SEC SPEAKS FOR ITSELF.
i STARTED READING zh ON SEEKING ALPHA, IT WAS THE BEST, THEY REALLY GOT ME HOOK WITH A CLASSIC ARTICLE SHOWING PERCENT OF PROP DESK TRADING AT TIMES DURING THE CRISIS. YOU COULD EASILY SEE HOW GOLDMAN WAS MANIPULATINGG THE MARKET. THE DATA HAS NOW BEEN REMOVED BY THE AUTHORITIES SO THE PUBLIC REMAINS UNAWARE OF THE MANIPULATION. wHEN i SAW THE DATA IT WAS THE CONFIRMATION OF MY THOUGHTS THAT THE CRISIS WAS IN FACT MAN MADE. THE MARKET WOULD DROP BEYOND WHERE IT SHOULD AND THE GOLDMAN HFT PROP DESK WOULD BE TRADING 60% OF THE MARKET. tHEN OF COURSE THE LOOSERS AT THE FED GAVE THEM ANDE ALL THE OTHER BANKLS WHAT THEY WANTED. THE FITMS CLEARLY MANIPLATEDE THE MARKET AND THE FED USED IT AS AN EXCUSE TO GIVE AWAY STUFF TO THE BANKS. THEN WHEN THE MARKET WAS GOING UP, AND YOU HAD A PLACE FOR A NATURAL DROP, IT WOULD KEEP GOING UP, ONCE MORE GOLDMAN WAS TRADING A HUGE PERCENT. FUCK I CAN'T UNDERSTAND HOW YOU CAN TRADE 100% FOPR A QUARTER OR MORE AND THE AUTHORITIES AREN'T UP THEIR ASS. THAT STINKS TO HIGH HEAVEN AS WELL.
As I previously posted, that there would come a time when the only players left would be the HFT Computers and then they would eat themselves. I think you can see that Retail Investors are pulling money out of the Market in droves. No one left to scalp or steal from.
So many people pulling money out of the Market and putting it in to Gold and Silver. Money in physical Gold and Silver takes money out of the Market and Banks. Once in physical form Wall Street and the Banks have no way to profit from the Hoarded Gold.
Although, I think the ones that are trying to affect this change are more than likely the NYSE Floor Traders. I would bet even they are having trouble making money in the Market these days. They used to control the Trading now they are second string. Late to the Party. I remember watching CNBC when the Floor was really crowded. Now, it looks like a ghost town.
Also, what I find interesting is that these HFT programs were allowed into the Market without a comment period thru the SEC. Yet, when they wanted to stop them, there was a 6 month comment. So typical. I am also with one of the other posters who said what ever happened to Naked Short Selling. Another, investigation that went no where.
Another thought would be that there has been concern or a tip off that a Terrorist Group is attempting to hack into the HFT Computers and destroy our Markets. This is a real threat to our Markets.
My online Broker now allows trading in 4 digit sub pennys. This also makes it harder for the HFT Computers when everyone can place sub penny trades. It cuts down on the HFT profit and lets anyone cut in front of a penny trade.
My online Broker now allows trading in 4 digit sub pennys. This also makes it harder for the HFT Computers when everyone can place sub penny trades. It cuts down on the HFT profit and lets anyone cut in front of a penny trade.
I’m suspicious. FINRA enforcement of real regulation is like Bristol Palin talking about abstinence. I’m more likely to believe that FINRA is front running an SEC case development to warn the perps to back off and destroy the evidence.
Anyway. If I take it all at face value, I’m going out on a limb and predicting the investigation has something to do with self-dealing between multiple HFT parties who ostensibly operate arms-length from each other. It wouldn’t surprise me if this involved a few market makers too. It’s an age old problem in the markets. When left unchecked, you can be sure in time that any market maker will eventually start making up the market.
White Paper?
This is from the Reuters article that Tyler referenced:
"When we go in ... we are thinking about what is the most critical information that will give us the insights we need, and often times, that is not the code itself," di Florio said in an interview. He said so-called white papers, which detail the purpose and strategy of a trading model, are often most helpful.
Perhaps FINRA and the SEC should have been reading Madoff's White Paper, give me a freaking break!
HA HA HA HA HA! This is about a humorous as the article that regulators are going after TBTF banks. Not a chance in hell that this will amount to squat. Good for a laugh -- HA HA HA!
I love HFT, hedge funds, dark pools, short attacks etc etc etc.
Anything that distorts the stock market is my dearest friend. The more people hate stocks the better. Why? Because the more distorted the market the better the odds are that I can buy a stock at a price below "fair value". Also, I don't need a complicated algo to tell me when to buy. I already know that having ATT pay me 7% a year at a 15% tax rate is a stupid good deal. I don't know that ATT would ever get to a 7% yield if there were not major distortions in the market.
They can repeal my capital gains but they can't, easily, take away my dividend payments. Having said all that, if they DO figure out a way to mess with my dividends then I am taking all my chips and going on strike.
It's a small and humble beginning. -- Michael C. Ruppert
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