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, [8] put them straight on the real actions of the high frequency trading community... Remember the last time HFTs tried to defend themselves... they lied. [8]
The last time HFT defended itself... it lied... [8]
Let's see how they do under oath... (link here as embed stream appears unstable [9])
Here is CSPAN's coverage (click image for link)
[10]
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.
Witnesses
PANEL ONE
BRADLEY KATSUYAMA
President & CEO
IEX Group, Inc.
New York, NY
ROBERT H. BATTALIO
Professor of Finance, Mendoza College of Business
University of Notre Dame
Notre Dame, IN
PANEL TWO
THOMAS W. FARLEY
President
NYSE Group
New York, NY
JOSEPH P. RATTERMAN
Chief Executive Officer
BATS Global Markets, Inc.
Lenexa, KS
JOSEPH P. BRENNAN
Principal and Head of Global Equity Index Group
The Vanguard Group, Inc.
Malvern, PA
*BRENNAN SAYS CLAIMS MARKETS ARE RIGGED HARM INVESTOR CONFIDENCE
*BRENNAN: WE HAVE CONFIDENCE IN MARKET AS SAFE FOR INVESTORS
STEVEN QUIRK
Senior Vice President, Trader Group
TD Ameritrade
