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Download e-book for iPad: 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 advanced at breakneck velocity up to now decade, and alter has sped up dramatically due to the fact 2007's disastrous regulatory "reforms." An unrelenting specialize in expertise, hyper-short-term buying and selling, pace, and quantity has eclipsed sanity: markets were hijacked by way of high-powered pursuits on the rate of traders and the total capital-raising technique. A small consortium of gamers is making billions by means of skimming and scalping unaware traders -- and, in so doing, they have reworked our markets from the world's envy right into a barren desolate tract 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 by means of traders, regulators, the media, and "Main road" 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 capability, and what is coming subsequent. you are going to comprehend the real implications of occasions starting from the crash of 1987 to the "Flash Crash" -- and detect what all of it ability to you and your destiny. caution: you'll get offended (if you are not already). yet you are going to be aware of precisely why you are offended, who you are indignant at, and what should be done!

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

Sample text

I’m nervous, Sal thought. The last thing in the world I want is coffee. To steel himself, he sat back in his seat and reviewed the case against HFT. Although he wasn’t sure how he was going to say it, he was very sure of his purpose: To make known the dangerous aspects of HFT and of conflicts of interests in our market structure.... 23 24 Broken Markets What Is High Frequency Trading, and Who Is Doing It? High frequency trading (HFT) is a vague term that the industry and regulators struggle to define.

It’s like lemmings. Lemmings behave normally when their population is in check, but their population is wildly erratic. They migrate in a massive group when population density swells. The group moves together in lockstep and walks off cliffs or jumps into large bodies of water in mass with horrific results. HFT has been around for nearly 15 years, its “population” swelling only fairly recently, corresponding with the implementation of Reg NMS. Their strategies are similar, frequently depending on speed to differentiate their success.

It would eventually peak in late 2009 with an estimated 70% of all volume in the market. As HFT grew, so did the structure risks. The market is like an ocean. To the extent that there are many different trading styles and participants interacting with each other, the market is healthy, like a body of water teeming with many species. One player may have a subsecond time horizon, another a minute, another ten years. They Chapter 1 • Broken Markets 13 might be value investors, chart readers, or earnings momentum players.

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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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