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Tale of the Tape

For traders with high-speed strategies who are accustomed to direct data feeds, the 35-year-old consolidated tape system is too slow.

Commentary: To Be (Uniform) or Not To Be (Uniform)--That is the Question

FINRA and the exchanges have created a landscape that is anything but uniform when they layered market-specific, price-driven trading pause rules on top of market-wide circuit breakers.

Trading Speed: Time to Put the Brakes On?

The drive towards faster trading speeds may be hitting a wall.

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Essex Radez Readies Order Book Service

Essex Radez, a Chicago-based broker-dealer and trading technology provider, is about to launch its consolidated order book service, Normalized Multicast Feed.

Jim Angel called the flash crash. In an April 30 letter, the Georgetown University professor and market structure expert told the SEC that "with so much activity driven by automated computer systems, there is a risk that something will go extremely wrong at high speed." Six days later he was proven correct.

Industry Ponders Limit Up/Down After Flash Crash

Halt trades or band prices? That's the debate taking shape in the aftermath of the May 6 "flash crash" and the swift imposition of circuit breakers by the exchanges on June 11.

Stub Quotes Under Fire

Stub quotes are on the way out. The nation's stock exchanges are preparing to propose rules that require market makers to post "reasonably priced" two-sided quotes for a certain percentage of the day.

Interactive Brokers' Thomas Peterffy Discusses ...

Thomas Peterffy is the chairman and chief executive of Interactive Brokers, which operates the Timber Hill market-making firm. He spoke in Washington at a joint SEC-CFTC hearing and later with Traders Magazine about the May 6 "flash crash" and high frequency traders.

Erroneous Trades Plan

When should a trade be broken? Under new rules proposed by the industry's self-regulatory organizations, trades can be canceled if trading in the stock has been halted and the price is far enough away from the price at which it was halted.

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