Notable Press Coverage of HFT and Market Structure Issues

Pension funds cannot afford Sanders’ tax on financial transactions

Pensions and Investments By Kirsten Wegner July 23, 2018 Institutional investors continue to navigate a challenging landscape marked by geopolitical risks, low yields and sizable long-term obligations. Now, coming from Sen. Bernie Sanders, I-Vt., is another challenge posed by the so-called financial transaction tax included in the Inclusive Prosperity Act of 2017. Mr. Sanders continues […]

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Pension Funds Ring Closing Bell With MMI at NYSE

On May 14, MMI was excited to join NCPERS in ringing the closing bell at the NYSE. MMI celebrated the public service in our communities of the NCPERS trustees for teaching our children, policing our streets, and being there if need be to run into a burning home. Also, the vital work of the pension fund trustees in working to advance secure retirement.

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HFT Supplies Dependable Liquidity During Market Volatility

In a market sell-off, as we saw on February 5th, automated traders including those called Designated Market Makers (DMMs) at the New York Stock Exchange and the largest market makers on Nasdaq used HFT tools to quickly stabilize the markets.  Many market makers have obligations to buy stocks when no one else wants to buy, and to sell when no one wants to sell.   These capital commitments of electronic market makers using HFT play a vital role in bridging the gap between supply and demand for a stock. 

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Wall Street is embroiled in a war over data — and it’s having an impact on Americans’ savings

 (Published in  Business Insider on Jan. 12, 2018) –Exchanges are rapidly increasing the cost of their proprietary data feeds that traders need to compete in US markets, writes Kirsten Wegner, CEO of the Modern Markets Initiative. –Those costs are eating away at American retirement savings. –Regulators should require  exchanges to be more transparent about why […]

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MMI Member Spotlight: GTS to Provide Technology for BNP to Access US $14 Trillion Treasuries Market, Pioneering New Type of Trading Alliance

BNPP partners GTS for US Treasury trading Helen Bartholomew LONDON, Nov 15 (IFR) – BNP Paribas has partnered with electronic market-making firm GTS for US Treasury trading, cementing a new era of collaboration between banks and high-frequency trading firms in an increasingly electronic market where technology is providing the competitive edge. The tie-up, which represents […]

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High-speed trading group elevates first female to role as CEO

Sarah N. Lynch WASHINGTON (Reuters) – Modern Markets Initiative (MMI), a trade group representing several prominent high-frequency trading firms, announced the appointment on Wednesday of Kirsten Wegner as its new chief executive officer. Wegner, a former government relations director for the International Securities Exchange, is the first woman to serve as head of the relatively […]

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Dissent by Commissioner J. Christopher Giancarlo Regarding Reg AT Source Code Provision

The subpoena process provides property owners with due process of law before the government can seize their property. It protects owners of property – not the government that already has abundant power. It allows property owners an opportunity to challenge the scope, timing and manner of discovery and whether any legal privileges apply to the […]

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Bloomberg: Wall Street’s Speed Demons Are Heroes

Camila Russo  and John Detrixhe report that across the wider world, Wall Street’s speed demons are all too often cast as the villains of the stock market. But in academic circles at least, high-frequency traders are more often treated like heroes. Since 2013, positive research has outnumbered negative by a 2-1 margin, a database search […]

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Yahoo Finance Op-Ed: New CFTC proposal could jeopardize the IP lifeblood of many businesses

Countless companies around the world have developed and perfected sophisticated and multifaceted algorithms which are the intellectual property (IP) lifeblood of their business. Imagination and innovation have enabled thousands of these companies to conquer the free market and be prosperous. In the US, however, that extremely valuable commodity—intellectual property—could be jeopardized if a government agency […]

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Barron’s: Study Backs Barron’s Critique of Flash Boys

Bill Alpert reports Flash Boys has been debunked by two University of California, Berkeley law professors. The study, by Robert Bartlett and Justin McCrary, scoured 385 million stock trades and 6.2 billion price quotes.  Contrary to Lewis’ scare story, the pair found that slow or fast quotes made no difference in pricing 97% of the […]

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“High-frequency traders provide a vital service to all market participants…HFT helps to create efficient markets by facilitating price formation, lowering the cost of trading and improving the linkage between markets."

BlackRock Viewpoint, June 2011

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