Market Structure Intelligence
Our market structure advocacy efforts are focused on eliminating the adverse impact of predatory high frequency trading (HFT) upon the US equities marketplace.
US Market Structure Reform
A number of key documents follow that provide realistic suggestions for improving US stock market structure. Feel free to contact us with link suggestions.
The Trouble with Small Tick Sizes
David Wield's provocative proposal to permit variable tick sizes tuned to liquidity profile. Sep 2012.
Senator Kaufman's 8/5/10 letter to the SEC
Kaufman's nine point plan sets the standard for a realistic path for US stock market structure reform. Aug 2010.
US Market Structure Debate
A number of key papers follow on the impact of high frequency trading (HFT) on US market structure, most of which are responses to the market structure reform debate that has arisen in the wake of the Flash Crash. Feel free to contact us with link suggestions.
The Foresight Report: The Future of Computerized Trading in Financial Markets
Funded by the UK government, the Foresight report was highly criticized for its pro-HFT bias. Oct 2012.
HFT & the Flash Crash
Excellent report by Kirilenko et al. analyzing data submitted to the CFTC. May 2011.
HFT Research Report: Deutsche Bank
Deutsche Bank research report evaluating positive effect of HFT upon the marketplace. Mar 2011.
Regulatory Response to the Flash Crash
Summary Report of the Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues. Feb 2011.
Regulatory Oversight of HFT
Brattle Group briefing on regulatory issues with regard to HFT. 2011.
Regulation of Disruptive Trading Practices
CFTC fact sheets and comments related to satisfaction of the Dodd-Frank act with regard to disruptive trading practices. 2010-2011.
HFT Research Report: RGM Advisors
RGM Advisors research report evaluating positive effect of HFT upon the marketplace. Oct 2010.
HFT and Market Quality
Study by Brogaard detailing positive aspects of HFT. Jul 2010.
Impact of HFT on the Market
Bold submission by Narang to the SEC that maps out the universe of HFT trading strategies. Apr 2010.
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