{"id":5041,"date":"2012-08-03T16:36:22","date_gmt":"2012-08-03T20:36:22","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=5041"},"modified":"2012-08-03T16:36:22","modified_gmt":"2012-08-03T20:36:22","slug":"electronic-trading-glitches-shake-market-confidence","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2012\/08\/03\/electronic-trading-glitches-shake-market-confidence\/","title":{"rendered":"Electronic Trading Glitches Shake Market Confidence"},"content":{"rendered":"<p>Stock markets are impacted by distortions arising from high-frequency trading algorithms as this article by SUZANNE MCGEE discusses. We really need to consider the benefits versus the costs of HFT. Benefits of HFT liquidity are vastly overstated: what use is an umbrella if withdrawn at the first sign of rain? The costs are far more than the additional +\/- $2.5 billion &#8212; profits from HFT trading &#8212; that institutional and private investors pay for stocks each year. By far the greatest cost is the damage done to market efficiency and to investor trust. An efficient market requires accurate communication of pricing information to market participants. My belief is that HFT distorts this function. And the only reason it is encouraged by exchanges is the huge profits they make from it.<\/p>\n<blockquote><p><em>Even if Knight\u2019s [Knight Capital] losses are as large as $300 million, that\u2019s a drop in the bucket when set beside the $862 billion that was temporarily wiped off the value of the U.S. stock market in 2010. High-frequency trading systems and the algorithms they use, these advocates argue, add liquidity to the market, which is a Good Thing.<\/em><\/p>\n<p><em>Well, not really. Not it results in a major crisis of the kind we saw two years ago and a slew of smaller trading anomalies, day after day, week after week, month after month on top of that. Less than two weeks ago for instance, traders reported seeing a bizarre \u201csawtooth\u201d pattern of trading in a handful of large-cap stocks, including Coca-Cola KO and Apple AAPL. Their prices swung higher and lower with an uncanny degree of synchronicity, zooming higher every hour on the half-hour, and lower once more thirty minutes later. More algorithms, traders muttered gloomily to one another.<\/em><\/p><\/blockquote>\n<p>via <a href=\"http:\/\/www.thefiscaltimes.com\/Columns\/2012\/08\/02\/Algos-Gone-Wild-Stock-Trading-Glitches-Strike-Again.aspx#page1\">Electronic Trading Glitches Shake Market Confidence<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Stock markets are impacted by distortions arising from high-frequency trading algorithms as this article by SUZANNE MCGEE discusses. We really need to consider the benefits versus the costs of HFT. Benefits of HFT liquidity are vastly overstated: what use is an umbrella if withdrawn at the first sign of rain? The costs are far more &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2012\/08\/03\/electronic-trading-glitches-shake-market-confidence\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Electronic Trading Glitches Shake Market Confidence&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32,34],"tags":[163,1422,1685,2017,2035],"class_list":["post-5041","post","type-post","status-publish","format-standard","hentry","category-trading","category-us-canada-countries-regions","tag-algorithmic-trading","tag-flash-crash","tag-high-frequency-trading","tag-kcg","tag-knight-capital"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Electronic Trading Glitches Shake Market Confidence - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Electronic Trading Glitches Shake Market Confidence - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Stock markets are impacted by distortions arising from high-frequency trading algorithms as this article by SUZANNE MCGEE discusses. We really need to consider the benefits versus the costs of HFT. Benefits of HFT liquidity are vastly overstated: what use is an umbrella if withdrawn at the first sign of rain? 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He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters. Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis. Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008\\\/2009 and 2020 bear markets well ahead of actual events. 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He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters. Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis. Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008\/2009 and 2020 bear markets well ahead of actual events. He founded PVT Capital (AFSL No. 546090) in May 2023, which offers investment strategy and advice to wholesale clients.","sameAs":["https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/","https:\/\/www.instagram.com\/colin_thepatientinvestor","https:\/\/au.linkedin.com\/in\/colintwiggs"],"url":"https:\/\/thepatientinvestor.com\/index.php\/author\/investor\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9tQ4n-1jj","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":5260,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/08\/14\/new-research-busts-high-frequency-trading-and-dark-pool-myths-cmcrc-yahoo-finance\/","url_meta":{"origin":5041,"position":0},"title":"New Research Busts High-Frequency Trading and Dark Pool Myths &#8212; CMCRC","author":"Colin Twiggs","date":"August 14, 2012","format":false,"excerpt":"Press Release: Capital Markets Cooperative Research Centre CMCRC, the Australian independent academic centre for capital market research, has found that high-frequency trading (HFT) actually benefits capital market structures and performance, while dark pools may have damaging effects. Speaking at an event in Beijing, Professor Frino outlined his research that showed\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5253,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/08\/14\/french-high-frequency-trading-tax-enters-into-force\/","url_meta":{"origin":5041,"position":1},"title":"French High Frequency Trading Tax Enters Into Force","author":"Colin Twiggs","date":"August 14, 2012","format":false,"excerpt":"By Ulrika Lomas, Tax-News.com, Brussels 14 August 2012 France has enacted a tax on high frequency trading, at a flat rate of 0.01%. This move coincides with a similar draft law under consideration in Germany......Market makers are expressly exempt. via French High Frequency Trading Tax Enters Into Force.","rel":"","context":"In &quot;UK &amp; Europe&quot;","block_context":{"text":"UK &amp; Europe","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/uk-europe-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7058,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/18\/asic-high-frequency-trading-taskforce-key-findings\/","url_meta":{"origin":5041,"position":2},"title":"ASIC: High-frequency trading taskforce\u2014Key findings","author":"Colin Twiggs","date":"March 18, 2013","format":false,"excerpt":"Findings of the recent ASIC investigation into dark liquidity and high-frequency trading. The high-frequency trading taskforce found that: (a) some of the commonly held negative perceptions about high-frequency trading are not supported by our analysis of Australian markets\u2014for example: (i) that high-frequency traders exhibit unacceptably high order-to-trade ratios. Increases in\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5243,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/08\/13\/west-australian-small-investors-getting-burnt\/","url_meta":{"origin":5041,"position":3},"title":"West Australian: Small investors getting burnt","author":"Colin Twiggs","date":"August 13, 2012","format":false,"excerpt":"Computer-based trading has meant that the market is no longer fair, writes David Tasker. The Australian Securities Exchange is seen by many as one of the most transparent markets in the world, a place where everyone is informed at the same time and where investors big and small can trade\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4553,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/06\/05\/securities-technology-monitor-dark-trading-bad-hft-good\/","url_meta":{"origin":5041,"position":4},"title":"Securities Technology Monitor: Dark Trading Bad, HFT Good","author":"Colin Twiggs","date":"June 5, 2012","format":false,"excerpt":"\u201cHFTs appear to assist in decreasing excessive price volatility,\u201d [Professor Alex Frino, CEO of Capital Markets Co-operative Research Centre (CMCRC) and Professor of Finance at the University of Sydney Business School] said. \u201cThis is partly due to the way HFT algorithms identify trading opportunities \u2013 they\u2019re built to recognise when\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5128,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/08\/07\/poll-do-you-trust-high-frequency-trading-to-improve-stock-market-pricing\/","url_meta":{"origin":5041,"position":5},"title":"Poll: Do you trust High Frequency Trading to improve stock market pricing??","author":"Colin Twiggs","date":"August 7, 2012","format":false,"excerpt":"Please share this via Facebook or Twitter. The more responses we get the more pressure there is on regulators.","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/5041","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=5041"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/5041\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=5041"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=5041"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=5041"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}