By Haim Bodek

This e-book explores the matter of excessive frequency buying and selling (HFT) in addition to the necessity for US inventory industry reform.

This selection of formerly released and unpublished fabrics contains the next articles and white papers:

1. the matter of HFT - explains how HFTs got here to dominate US fairness markets by means of exploiting man made benefits brought by way of digital exchanges that catered to HFT strategies
2. HFT Scalping Strategies - describes the first positive aspects of contemporary HFT thoughts presently lively in US equities in addition to the advantages those thoughts extract from the maker-taker marketplace version and the regulatory framework of the nationwide marketplace system
3. Why HFTs Have an Advantage - explains the severe significance of HFT-oriented distinct order forms and alternate order matching engine practices within the operation of contemporary HFT strategies
4. HFT - A Systemic Issue - a dialogue of the most recent and regulatory advancements with reference to interchange order matching practices that serve to virtue HFTs over the general public customer
5. digital Liquidity Strategy - proposes a conceptual framework for institutional investors to accomplish stronger execution functionality in HFT-oriented digital marketplace venues
6. Reforming the nationwide industry System - proposes a 10-step plan for strengthening the operation of the U.S. equities market to be able to serve the wishes of long term investors
7. NZZ Interview with Haim Bodek - addresses present issues and recommendations for US equities marketplace constitution reforms
8. TradeTech Interview with Haim Bodek - addresses the present prestige of the HFT specified order style debate

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Extra info for The Problem of HFT - Collected Writings on High Frequency Trading & Stock Market Structure Reform

Sample text

These tools with their inherent assumptions run the gamut from a predilection to view all decision making in terms 13 01-DFM-ch01-cpp:Layout 1 16/10/08 12:05 Page 14 Part I: The framework of its rationality, treating humans as economic agents without regard for other passions and motivations which might explain their behaviour, to mechanistic treatment of a market drawing from the physical sciences. Without necessarily abandoning entirely these depictions of operative forces at work, greater allowance for human behaviour seems essential to a better understanding of financial market behaviour with its attendant risks.

In Chapter 6, we will consider that the US economy for the better part of the past decade has maintained twin deficits – an external deficit and a budgetary one. At the same time, developing Asian countries have enjoyed a series of surpluses on external account which have allowed them to accumulate significant excess reserves. The resurgence of commodity prices led by oil and natural gas has also allowed oil-producing countries to accrete oil-related revenues at an unprecedented rate. Countries which undertook trade liberalisation soon followed it with financial liberalisation.

Even partial coverage may be enough to launch a vibrant financial sector as long as steady progress is made in addressing successively more of the items on the list. Legal systems can also be usefully grouped in terms of whether they represent commonlaw-based systems, such as those found in the UK and its former colonies and those European and Latin American countries for example which inherited codified legal systems whether from the influence of Napoleonic Code or from earlier Roman law. The main difference between these two systems is the constraints imposed by codification under the latter, whereby if lawmakers have not specifically foreseen a particular situation, then the law generally errs on the side of conservatism thereby prohibiting (or at least not explicitly allowing) the action or activity until new code is introduced which specifically permits it and which also spells out the specific conditions under which it may take place.

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