Posted by Larry Doyle on June 9th, 2014 10:04 AM |
For those who care about free and fair markets — and the accompanying concerns about captured and corrupted regulators and politicians — a recent case filed against the major equity exchanges in our nation qualifies as an absolute must read.
This case brought on behalf of Harold R. Lanier et al against every major exchange in America including the NYSE, NASDAQ, et al centers on the ongoing debate surrounding high frequency trading within our markets.
I believe there is no doubt that those who operate within the high frequency trading arenas hope that compliant financial regulators and like-minded media will provide them the cover necessary to let the games go on. (more…)
Posted by Larry Doyle on May 12th, 2014 10:50 AM |
While many in and around Wall Street and Washington have been either dismissive or silent on the issues Michael Lewis addresses in his book Flash Boys, a select few brave souls have issued a real siren call over the years.
Lewis pays respect to these ‘men in the arena’ who have shined a light on the less than pristine plumbing of our equity exchanges. Specifically on page 202 in a footnote, Lewis writes the following:
*Eric Hunsader, the founder of Nanex, a stock market data company, is a fantastic exception to the general silence on this subject. After the flash crash, it occurred to him to use his data to investigate what had gone wrong, and the search never really ended. “Almost every rock I overturn, something nefarious crawls out from under it,” he said. (more…)
Posted by Larry Doyle on May 6th, 2014 9:00 AM |
Every now and then I come across commentaries written by well informed individuals that make me question the integrity of those regulating our markets and leave me thinking, “People really need to know this.”
Earlier this morning I had just such a feeling in reading a report written by perhaps the single most knowledgeable individual in the nation today on the inner workings of our equity exchanges.
In light of all the current focus on this topic and the question as to whether our equity markets are ‘rigged,’ stick with me on this as Eric Hunsader of Nanex reposted a commentary impugning the SEC’s investigation of the Flash Crash that roiled our markets and our nation on May 6, 2010.
Hunsader pulls no punches in asserting that the SEC under then chair Mary Schapiro sold investors a ‘bill of goods’ as to what really happened that fateful day. (more…)