Market Is Rigged, HFTs Are Harmful, And Nothing Will Change According To ConvergEx Survey

Earlier today we told (or more appropriately retold,” because we called it for what it was right after it happened two years ago) the story of a Citadel algo gone rogue that inadvertently played havoc with the E-mini on June 3, 2013. Thankfully, the penalty was stiff for the world’s most highly leveraged hedge fund as the CME doled out a massive $70,000 fine which we suspect someone at the firm probably paid with the cash they were carrying in their wallet. It’s incidents like this — and “flashy” bestsellers — that have a nasty habit of shifting perceptions which is why we weren’t surprised to see the results of a market structure survey conducted by ConvergEx: 

At this time we are pleased to share the results of our recent U.S. Equity Market Structure Survey, the results of which show both displeasure in current market structure and a desire for change. Our survey found that a majority of financial industry participants believe that the U.S. equity markets are unfair and that HFT is harmful.

Here's a breakdown of the respondents...

 

...who think the US stock market is rigged...

...by a legion of harmful algos...

...but there's no point in altering strategy because nobody can do anything about it...

 ...but if an "accident" happens...

....we're all screwed.
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This was as of April, 2014. To view the latest data, see here.