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US regulator convenes panel on HFT
The CFTC named the participants in a key panel set to discuss a definition and regulation of high-frequency trading later this week
European MP calls for holding period in HFT
Computerised orders should be subject to a “minimum holding period” in stocks to slow down ultra-fast dealing, a top European parliamentarian says
Commodity market’s algorithmic challenge
UN paper finds ‘striking’ impact of high-frequency trading over very short periods, writes Javier Blas
US bourses to fine HFT data-cloggers
Nasdaq and Direct Edge are to impose penalties on high-frequency traders who clog the markets’ data pipes with unnecessary messages that do not result in trades
UK study questions liquidity claims of HFT
Most British asset managers, pension funds and corporate treasurers polled are sceptical that “high-frequency” trading provides market liquidity
Quick View: ICE’s ‘stupid algo’ solution
IntercontinentalExchange may have hit on a solution as exchanges and other trading platforms try to stem flood of electronic messages
D Börse to charge for ‘stupid algos’
Clampdown by German exchange aims to discourage ‘capacity abuse’ by certain unnamed traders
Italy to limit high-frequency orders
Italy’s stock exchange plans to charge traders if they send too many orders into its system
Sweden finds HFT effects ‘limited’
High-frequency trading has a limited effect on equity markets but increased the potential for market abuse, Swedish regulators have concluded
Superfast trading heads to Malaysia
Malaysia is set to let high-frequency traders into its share markets later this year, says bourse operator Bursa Malaysia
Related content and features
Analysis
Superfast traders feel heat as bourses act
HFTs have drawn the attention of regulators with one exchange set to issue punitive charges in an attempt to clamp down on ‘stupid algos’
High stakes over definition of high frequency trading
The battle lines between regulators and industry are being drawn over the way in which a common definition of the practice will emerge
Brazilian tax break boosts ultra fast traders
In the three months to September 30, HFTs’ share of overall volumes in the BM&FBovespa capital market reached a record
HFT traders braced for tough curbs in Europe
What effect will planned regulation have on high-frequency trading?
Research: Academics determine that just being swift is not risky
For at least a year, debate has raged about high-frequency trading (HFT). Has it benefited markets, or does it pose dangers? Opinions remain divided
High-frequency traders slowed by headwinds
Opportunities to make money from faster speeds measured in fractions of a second are drying up with many traders turning back to quants
Market stability: ‘Flash crash’ blamed on computer, but not error
Finger pointed at increasingly wide use of automated trading programs, says Telis Demos
High-frequency trading: Up against a bandsaw
As high-frequency trading comes to dominate daily activity in securities worldwide, regulators and traditional investors alike fear some of the interlopers may bring dangerous distortions
The dash to flash
Stock markets: As the SEC moves towards curbs on a lucrative part of high-frequency computerised trading, some maintain that its concern is misplaced
High-frequency trading under scrutiny
High-frequency equity trading is under scrutiny because of concerns that it places less tech-savvy investors at a disadvantage
Comment
What to do about orderflow information?
Direct orderflow information tracking of large orders is not a big part of the regulated market, as virtually no large orders reach the exchange
Quick View: France’s taxing issue
France needs to bridge three gaping holes if it is to successfully implement its planned financial transactions tax
Protect HFT cheetahs from regulatory poachers
The speed of earth’s fastest animal is likened to the rapid hunt by ‘market cheetahs’ in finding micro dollars in milliseconds, writes Leo Melamed
Long-term investors would benefit from Tobin tax
The case for throwing sand in the wheels is greater because today’s markets are excessively fast but their claim to be efficient is open to question, writes John Plender
Tobin tax would undo advantages of HFT industry
From Mr David Beddington. Sir, I respectfully question John Plender’s article ‘Long-term investors would benefit from Tobin tax’
Comment: HFT debate needs more integrity
The debate surrounding high frequency trading has too much polemic, It is essential independent evidence becomes the focus
Quick View: High-speed predators pounce on volatility
Investors are already dealing with great uncertainties, so rooting out predatory HFTs would remove one, and may just reduce volatility into the bargain
Playing ostrich over high-speed trading not an option
Regulators need to weigh the risks of new rules against the costs and unintended consequences of change
Quick View: Man vs. machine in the markets
There is something of a dichotomy between the quants and the techies. Just as the former transformed the financial world, so the latter are now doing the same, in many cases upsetting the quants’ models
Quick View: Time to get real with Dodd-Frank
The rush to the July 15 deadline has SEC and CFTC staff on a path to burn-out and an industry that feels it is being bombarded with rulemakings and no time to implement them
Quick View: Mifid gets muscles from Brussels
With its review, the European Commission has turned Mifid from being a flabby, principles-based directive into quite a different animal
Quick View: Who uses algos?
The flash crash report showed that it’s time for a more nuanced analysis of high-frequency trading and algos, writes Jeremy Grant
Asia must do a better job with fragmentation
Asia’s pampered, protected and pricey stock markets need a wave of regulatory reform followed by a dose of stiff competition from new entrants, writes Kevin Brown
Quick View: Algos, the flash crash and lessons from history
The Managed Funds Association says the is little difference between the May 6 “flash crash” and a similar event in 1962. But is it as simple as that, asks Jeremy Grant
Quick View: ‘Getting’ the flash crash
In a speech, SEC chairman Mary Schapiro acknowledges link between fund outflows and loss of investor trust in market structures. This is an encouraging sign, argues Jeremy Grant
