My message to hedge funds banking private equity and HFT operators
After posting this
I got this response via email:
To correct you…ITG is headquartered in NYC…not the netherlands.
My mistake, I got this confused with IMC: https://quantlabs.net/blog/2015/07/imc-hft-shop-hires-ubs-dark-pool-exec/
My apologies there.
I am disappointed with the use of the term “friggin cheaters”. Perhaps read more about what ITG does as a business before making comments like this. While I understand your writing style (I have been reading you for a number of years), it’s unfortunate that you choose to dramatize this way.
I don’t believe this will be the last SEC settlement in the industry nor will ITG’s settlement remain the largest for long.
Being fined should be taken seriously. Any employee of a firm who thinks it is ok to be fined by a trading regular comes a from a world of arrogance. Not putting you in this camp but seriously, your firm got busted for a misdeed. A big fine of $20M. That to me is the same as cheating! That is why banking and hedge funds are the #1 hated industry according to public opinion.
You need to be reminded you also work in a multi million dollar or even multi billion dollar fund making oodles of money while us schmucks fight for the crumbs trying to make a living on scraps.
As said, HFT is a good technology but hated upon because cheaters use this for their own gain at the expense of others esp. retail trader.
Have a good day sir…
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!