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Catch up on the latest from MMI

The Hill: MMI CEO Op-Ed – Night of the living tax: It’s time to bury Ellison’s Inclusive Prosperity Act

MMI CEO Bill Harts writes that Rep. Keith Ellison reintroduced his plan for a financial transaction tax on every stock, bond and derivatives trade in the country. It was the third introduction / reintroduction of the bill, despite previous stalls.  The not-so-collateral damage of this tax will be a reduction in our ability to keep […]

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The Street: In the Long Run, Trump’s Tweets Don’t Matter

Emily Stewart reports that no clear pattern can be derived from the performance of the public companies President Trump has attacked or complimented on Twitter.  MMI CEO Bill Harts said “At this point, we’re sort of waiting for someone to show some kind of proof or data that actually shows that this is happening and […]

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The MoneyLife Radio Program: MMI CEO Bill Harts Interview

Program Host Chuck Jaffe, winner of numerous awards for business and personal finance journalism, speaks to Bill Harts about the benefits of high frequency trading (HFT) for investors.  The interview focused on the role of efficient intermediaries that use HFT and work on razor thin margins.  The resulting automation has produced tremendous savings for investors […]

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Is NYSE Bumping up its Listings?

Recently, NYSE announced it was going to introduce a “speed bump” exchange called NYSE American. Critics jeered that NYSE just blatantly copied IEX’s market structure. And it is true that the bump is going to be 350 microseconds, just like IEX. It will have a complex discretionary pegged order type, just like IEX. And it […]

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Getting Up to Speed on the NYSE Announcement

In some recent news, the New York Stock Exchange announced they were allowing stocks from other exchanges to trade on their main floor. That reversed a centuries old policy and left some wondering why NYSE was breaking with tradition. Further, the press release explaining the new access touted the benefits of the NYSE allocation model […]

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MMI Comment Letter to the CFTC Regarding Supplemental Notice of Proposed Rulemaking for Regulation AT

This Proposed Rule threatens to erode confidence in our country’s resolve to uphold the regulatory standards that protect the innovation that drives much of our economy. Despite the changes in the proposed rule as listed in the Supplemental, it still grants a government agency the ability to bypass due process to access confidential and highly […]

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ValueWalk: Why Did Regulator Have Computer Trading Code On Personal PC?

Mark Melin writes that a 2016 SEC Office of Inspector General (OIG) report contains a little-noticed reprimand of an SEC quantitative analyst charged with improperly requesting and downloading confidential computer code to his personal computer.  This as measures in the CFTC’s pending Reg AT call for regulators to have subpoena-less access to source code used by […]

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WSJ: Multiple Buyers, Not One, Influenced Most Active E-Mini Move of 2016

Alexander Osipovich reports that a sharp move in stock-market futures that fueled the Dec. 7 buying in U.S. equities likely reflected trading by multiple buyers.  MayStreet LLC, said its initial analysis was that the move was a single trade.  The firm changed its view after being contacted by the Modern Markets Initiative, which carried out its own […]

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MMI Comment Letter to the SEC Regarding Regulation National Market System

We propose a review of the Reg NMS in light of technology and efficiencies that have made some measures unnecessary or contributed to market inefficiency.  In our letter, we propose a review of the effectiveness of The Order Protection Rule, the prohibition on locking or crossing quotations and consideration of a competing consolidators model for […]

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The Buy Side Isn’t Buying It

If you’ve listened to the market structure debate over the past few years, you’d think large, institutional investors — the “buy side” — desperately need ‘speed bumps’ and other barriers to protect them from high frequency trading (HFT). The discussion has been more about demonizing than data, except that it ultimately led to a well-publicized […]

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“High-frequency trading in general has been good for the retail investor."

FRED TOMCZYK, CEO TD Ameritrade

Bloomberg News, April 24, 2014

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