Download e-book for kindle: Broken Markets: How High Frequency Trading and Predatory by Sal L. Arnuk

By Sal L. Arnuk

ISBN-10: 0132875241

ISBN-13: 9780132875240

The markets have developed at breakneck pace prior to now decade, and alter has sped up dramatically due to the fact 2007's disastrous regulatory "reforms." An unrelenting specialise in know-how, hyper-short-term buying and selling, pace, and quantity has eclipsed sanity: markets were hijacked via high-powered pursuits on the fee of traders and the total capital-raising strategy. A small consortium of gamers is making billions by means of skimming and scalping unaware traders -- and, in so doing, they have remodeled our markets from the world's envy right into a barren wilderness of terror.


Since those occasions started, Themis Trading's Joe Saluzzi and Sal Arnuk have provided an unwavering voice of reasoned dissent. Their small brokerage has stood up opposed to the hijackers in each venue: their day-by-day writings are actually through traders, regulators, the media, and "Main highway" traders around the world. Saluzzi and Arnuk do not take prisoners! Now, in Broken Markets, they clarify how all this occurred, who did it, what it capacity, and what is coming subsequent. you will comprehend the real implications of occasions starting from the crash of 1987 to the "Flash Crash" -- and become aware of what all of it capacity to you and your destiny. caution: you'll get indignant (if you are not already). yet you will be aware of precisely why you are offended, who you are indignant at, and what has to be done!

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Additional resources for Broken Markets: How High Frequency Trading and Predatory Practices on Wall Street are Destroying Investor Confidence and Your Portfolio

Sample text

We looked at all the different order types, many of which were far cries from those traditionally used by agency brokers. We looked at the information being disseminated on the stock exchanges’ proprietary data feeds and who was receiving them.

3 This represents nearly a 19-fold increase. Each year stock exchanges, which are struggling to list shares of promising companies in the form of IPOs, manage to set new records in the number of ETPs and ETFs they list for trading. 4 The result: More and more volume on exchanges is in the form of derivative products, of which an increasing number are leveraged and a large percentage of the trading is done by HFTs. On calmer, benign days in the market, you can argue that HFT firms may do a good job of arriving at a fair price for large capitalization, highly liquid stocks such as Bank of America.

Dbk. 7. Mary L. Schapiro (Chairman, Securities and Exchange Commission), letter dated Dec. 3, 2009 to Edward E. S. pdf. This page intentionally left blank 2 The Curtain Pulled Back on High Frequency Trading On the morning of June 2, 2010, Sal Arnuk was on the Acela train to Washington, DC. He was thinking about what he wanted to say later at the SEC’s Market Structure Round Table. The panel was convened to bring the SEC up to speed on the structure of the markets that the agency played such a large role in creating between 1997 and 2007.

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Broken Markets: How High Frequency Trading and Predatory Practices on Wall Street are Destroying Investor Confidence and Your Portfolio by Sal L. Arnuk

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