Blog Category: News

CODA’s Comment Letter regarding the SEC Commission Statement on Market Structure Innovation for Thinly Traded Securities

Via e-mail: rule-comments@sec.gov Ms. Vanessa Countryman Secretary U.S. Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090 Re: Commission Statement on Market Structure Innovation for Thinly Traded Securities (File No. S7-18-19) Dear Ms. Countryman: I am pleased that the Commission has taken the initiative to engage market participants in determining how this problem—which... Read more

Posted on: July 22, 2020

Does Speed Kill

Does Speed Kill?

  By Don Ross Does speed kill?  Or more specifically, does the quest for ever-greater trading speeds kill resources that could be better dedicated—from the perspective of investors and listed companies—to other activities?  Six years after the publication of Michael Lewis’s Flash Boys, the question is still generating more heat than light. A new academic... Read more

Posted on: March 03, 2020

Beyond Speed and AI: Using Technology to Build Better Markets

By Don Ross Five years ago, Michael Lewis set off a firestorm in the trading community with his bestseller Flash Boys, accusing high-frequency traders of robbing innocent investors to the tune of untold billions each year.  Unnuanced, for sure, the book nonetheless captured for the general public a problem institutions had been wrestling with for... Read more

Posted on: August 01, 2019

To Avoid Latency Arbitrage, Trade Multilaterally

Don Ross On April 10, Matt Clarke published a superb overview and analysis of anti-latency arbitrage (ALA) mechanisms here in Tabb FORUM, making a strong case for incorporating them (“Speed Bumps: Anti-Latency Arbitrage Mechanisms Make Markets Better”).  I share his view that the high (and rising) cost of shaving nanoseconds in the race to take... Read more

Posted on: June 19, 2019

Why On-Demand Auctions Aren’t Just a Nice Idea

  When I left the world of high-speed market-making back in 2014, friends were flummoxed.  Auctions?  Really?  Nice for openings, nice for closings, but all-day long?  What are you thinking? To be sure, I still have great regard for speed.  As a trader, it served me well for ten years.  But I could also see... Read more

Posted on: April 03, 2019