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Spoofing, Surveillance and Supervision

Jay Biondo, Product Manager - Surveillance at Trading Technologies, co-authored an article along with James Lundy and Nicholas Wendland, both of Drinker Biddle & Reath LLP, reviewing the CFTC's regulations and expanding efforts, 21st century surveillance and supervision, as well as strategic recommendations.

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March 23, 2005

The Great DOB Leninist Smear

By Gregory Bresiger

Archipelago Holdings and others in favor of the Reg NMS Depth of Book (DOB) proposal have been smeared by people using techniques that would even mystify Lenin. At least that's what Archipelago suggests in a heated Reg NMS SEC comment letter.

Opponents of the DOB plan are waging "very clever Madison Avenue propaganda," Arca says. Who are these people? Arca didn't specify. But it said the campaign is "being widely disseminated by reactionary forces." DOB backers have been branded "central planners," according to Archipelago.

"It is apocryphal that the Depth-of-Book Alternative is a CLOB," according to the letter, signed by general counsel Kevin O'Hara. Arca said it is illogical to argue that the DOB protection of two cents constitutes a CLOB. "Even Comrade Lenin would be scratching his head trying to understand that dialectic," Arca says.