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More HFT commentary on the HFT markets are ‘rigged’ thanks from Michael Lewis Flash Boys author

(Last Updated On: March 31, 2014)

More HFT commentary on the HFT markets are ‘rigged’ thanks from Michael Lewis Flash Boys author

Sorry about the bad typing and grammar as I bang this out in real time:

From Bloomberg TV:

Arthur Levitt:

Many don’t believe the markets are rigged. His book is hyperbole. The markets are cheaper and faster. Acknowledges there are problems.

It is accused that liquidity is hindering.

Rep. Scott Garrett of New Jersey

No need for further regulation.  Too much regulation already where speed gives you an edge.

Virtu was mentioned with 1 day of down day.  How does one go up against computers?

Levitt:

SEC is looking at the rules of 15 years to modernize. He is skeptical about there are some deficient HFT trading operations.

Half of all US equities is traded by HFT. How to regulate which does not squash the technology?

Garrett: SEC needs market structure reform. Things have changed in 15 years. First do no harm with the hearings. Do not make the system worst looking at empirical data not based on some book.

Levitt: Number of programs to test in trade in fractions vs decimal. Need balance and stifle ideas but protect investors.

Garrett: SEC is now on board with pilot programs coming.

My take:

Good job on this reportin instead of listening to some chatter box author but don’t forget these politicians could be bought with the heavy lobbying from the financial industry. Who knows where this goes?

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NOTE I now post my TRADING ALERTS into my personal FACEBOOK ACCOUNT and TWITTER. Don't worry as I don't post stupid cat videos or what I eat!

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