Commentary

Robert Stowsky

Angry at HFT? Point the Finger at Reg NMS

Traders columnist Robert Stowsky dissects how Regulation NMS, and its mandate to promote market efficiency and not equality, is at the heart of the ongoing debate surrounding market structure.

Traders Poll

With all the talk around HFTs and their trading practices coming under the microscope, do you expect more state regulators and officials to begin examining HFT practices - just like with Big Tobacco?

Yes

81%

No

12%

Just Congress and the Federal Goverment

8%

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Privacy Policy

This Privacy Policy covers Trader's treatment of personally identifiable information we collect when you are on the Traders site and when you use our services. This policy also covers our treatment of any personally identifiable information our business partners share with us. This policy does not apply to the practices of companies Traders does not own or control, or to individuals Traders does not employ or manage, including operators of sites to which you may link from the Traders Web site.

What information do we gather?
The only personally identifiable information we collect about you is that which you choose to share with us in registration or when responding to offers from Traders or from our business partners. We also collect information about aggregate site usage. The statistics we gather about unique visits, repeat visits and page views are all based on IP addresses, and are not associated with your personal information.

Why do we ask for personal information about you?
Our goal at Traders is to provide you with comprehensive news and data relevant to securities industry operations, processing and technology worldwide. Some of this proprietary information is restricted to paid subscribers only and requires registration and password protection. To support this personalization, we need to be able to identify your account from session to session. This requires that you provide us with some information about yourself. Your user name, password and e-mail address allow us to differentiate you from other users and to maintain your personalized access to our electronic products. They also allow us to contact you about developments and new products on the site.

Other information that we ask you to share allows us to improve the site and develop the electronic products to meet your professional needs. Aggregate demographic information about our users is valuable to our advertisers, as it provides them with some important, yet anonymous information about potential customers. Without advertising support, we could not keep the site open for your use.

We may share aggregate information only with our partners and advertisers. We will not share your personally identifiable information with any third party, unless you chose to allow this. When we collect information, you will have the option to consent or not to being contacted by Traders, its partners and advertisers, and other third parties. If for some reason our privacy policy changes, we will inform you of the change so that you can then choose to opt out. We will give you a way to opt out of being contacted by Traders.

Opting Out: Here is how it works at Traders:
We do not share personally identifiable information with anyone, unless we tell you otherwise when we collect the information, you "opt in" to having your information shared with third parties, or we have informed you of a change to our privacy policy so that you can then choose to opt out. It's that simple.

When we ask you for personally identifiable information, we will tell you if we intend to share it with others. We will provide you with a way to tell us that you don't want us to share the information or if you don't want to receive promotional and/or marketing information about products, services, and offerings from Traders and/or any third parties. We will also provide you with a way to update the personally identifiable information that you share with us during registration. Once you have "opted in" and agreed that your information may be shared with third parties or you have responded to an offer by any third party on the Traders Web site, Traders will not be able to update any of your personally identifiable information that has been transferred to such third parties or opt you out of such third parties so that you no longer receive their promotional and/or marketing information. Instead, you must either contact that third party or refer to their privacy policy to update your personally identifiable information or to let them know that you no longer want to receive promotional and/or marketing information about their products, services, or offerings.

How does Traders use cookies?
Traders uses cookies to speed up the login process for you at various points on the site. When you register with Traders, we assign a unique user ID to you, and we place a cookie on your computer that will remind our system of that user ID in other areas of the site, or the next time you visit the site. This cookie allows you to access all of the restricted areas of the site without having to logon multiple times. If you choose to logoff, this cookie we set in registration will be deleted, and we will then set another cookie like it on your computer next time you login.

Please note: Nothing in a cookie allows us to identify you individually. Your computer is assigned a number and that number is tracked using the cookie. This number is only meaningful in the context of our secure database system and your personalized version of Traders.

We also use cookies to log your activity on the site. Everything we learn from these logs will be used to enrich your experience on our site. It will help us understand what you like and don't like, so we can focus our energies more effectively and provide you with better financial news and data.

The only personally identifiable information we collect about you is that which you choose to share with us in registration or when responding to offers from Traders or from our business partners. As stated earlier, this information will be closely protected and used for internal purposes only, unless we tell you otherwise when we collect the information, you have consented by "opting in" to being contacted by Traders, its partners and advertisers, and other third parties, or we have informed you of a change to our privacy policy so that you can then choose to opt out. We will never willfully release your personal information to any third party without providing you notice unless: you direct us to enter you in a contest; you ask us to sign you up for a service that is sponsored by one of our partners; you otherwise opt in to have your information shared with third parties; we respond to subpoenas, court orders or legal process; we find your actions on our Web site violate our Terms of Use or any of our usage guidelines for specific products or services; or we transfer your information in connection with a sale, merger, transfer, exchange, or other disposition (whether assets, stock, or otherwise), of all or a portion of a business of Traders.

We also collect information about aggregate site usage. Statistics we gather about unique visits, repeat visits and page views are all based on IP addresses, not on your individual activities.

Changes to the Traders Privacy Policy
Traders may amend this policy from time to time. If we make any substantial changes in the way we use your personal information, we will notify you by posting a prominent notice in our privacy policy or in other locations on our Web site or by sending you an email to inform you of our updated privacy policy.

And finally...
Sometimes we want personal information from you so that we, our partners and our advertisers can send you some material we think might be of interest to you. We will always tell you up front what we're going to do with your responses, and we will always give you a chance to say "no thanks."

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