{"id":5251,"date":"2012-08-14T06:33:22","date_gmt":"2012-08-14T10:33:22","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=5251"},"modified":"2012-08-14T06:33:22","modified_gmt":"2012-08-14T10:33:22","slug":"how-high-frequency-trading-robots-are-creating-a-bumpy-ride-for-main-street-nasdaq-com","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2012\/08\/14\/how-high-frequency-trading-robots-are-creating-a-bumpy-ride-for-main-street-nasdaq-com\/","title":{"rendered":"How High Frequency Trading Robots Are Creating a Bumpy Ride for Main Street &#8211; NASDAQ.com"},"content":{"rendered":"<p>By Barbara Cohen<\/p>\n<p>While HFTs may argue that they bring liquidity to the Market, they cannot dispel the concerns that liquidity comes at a very high price to investors \u2013 increased volatility. In a report issued in September 2011, associate professor Frank Zhang of Yale University stated that once an instrument&#8217;s share volume exceeds 50%, trading becomes basically a &#8220;hot potato,&#8221; as HFTs trade the same positions, passing them back and forth amongst themselves. Inter-firm trading all but eliminates &#8220;Price Discovery,&#8221; determining share price by normal supply and demand factors, such as news events or positive\/negative earnings releases.<\/p>\n<p>Inter-firm high frequency trading also wreaks havoc for Main Street investors because of &#8220;cross spreading.&#8221; So many liquid stocks, such as BAC and MSFT, now execute in milliseconds, resulting in extreme &#8220;competition&#8221; for Main street investors. Queues to enter and exit are significantly longer, with hundreds of shares waiting to execute. Long queues force Main Street investors into the vulnerable position of having to buy at the offer or sell at the bid, a trading method known as &#8220;crossing the spread.&#8221;<\/p>\n<p>via <a href=\"http:\/\/community.nasdaq.com\/News\/2012-08\/how-high-frequency-trading-robots-are-creating-a-bumpy-ride-for-main-street.aspx?storyid=163458\">How High Frequency Trading Robots Are Creating a Bumpy Ride for Main Street &#8211; NASDAQ.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Barbara Cohen While HFTs may argue that they bring liquidity to the Market, they cannot dispel the concerns that liquidity comes at a very high price to investors \u2013 increased volatility. In a report issued in September 2011, associate professor Frank Zhang of Yale University stated that once an instrument&#8217;s share volume exceeds 50%, &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2012\/08\/14\/how-high-frequency-trading-robots-are-creating-a-bumpy-ride-for-main-street-nasdaq-com\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;How High Frequency Trading Robots Are Creating a Bumpy Ride for Main Street &#8211; NASDAQ.com&#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":[895,1678,1685,2117,2746],"class_list":["post-5251","post","type-post","status-publish","format-standard","hentry","category-trading","category-us-canada-countries-regions","tag-cross-spreading","tag-hft","tag-high-frequency-trading","tag-liquidity","tag-price-discovery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How High Frequency Trading Robots Are Creating a Bumpy Ride for Main Street - NASDAQ.com - 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=\"How High Frequency Trading Robots Are Creating a Bumpy Ride for Main Street - NASDAQ.com - the patient investor\" \/>\n<meta property=\"og:description\" content=\"By Barbara Cohen While HFTs may argue that they bring liquidity to the Market, they cannot dispel the concerns that liquidity comes at a very high price to investors \u2013 increased volatility. In a report issued in September 2011, associate professor Frank Zhang of Yale University stated that once an instrument&#8217;s share volume exceeds 50%, &hellip; Continue reading &quot;How High Frequency Trading Robots Are Creating a Bumpy Ride for Main Street &#8211; NASDAQ.com&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2012\/08\/14\/how-high-frequency-trading-robots-are-creating-a-bumpy-ride-for-main-street-nasdaq-com\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:author\" content=\"https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/\" \/>\n<meta property=\"article:published_time\" content=\"2012-08-14T10:33:22+00:00\" \/>\n<meta name=\"author\" content=\"Colin Twiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Colin Twiggs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/08\/14\/how-high-frequency-trading-robots-are-creating-a-bumpy-ride-for-main-street-nasdaq-com\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/08\/14\/how-high-frequency-trading-robots-are-creating-a-bumpy-ride-for-main-street-nasdaq-com\/\"},\"author\":{\"name\":\"Colin Twiggs\",\"@id\":\"https:\/\/thepatientinvestor.com\/#\/schema\/person\/d42b18d516a80149d739845749ac6454\"},\"headline\":\"How High Frequency Trading Robots Are Creating a Bumpy Ride for Main Street &#8211; NASDAQ.com\",\"datePublished\":\"2012-08-14T10:33:22+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/08\/14\/how-high-frequency-trading-robots-are-creating-a-bumpy-ride-for-main-street-nasdaq-com\/\"},\"wordCount\":210,\"commentCount\":2,\"publisher\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#organization\"},\"keywords\":[\"cross spreading\",\"HFT\",\"high frequency trading\",\"liquidity\",\"price discovery\"],\"articleSection\":[\"Trading\",\"US &amp; Canada\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2012\/08\/14\/how-high-frequency-trading-robots-are-creating-a-bumpy-ride-for-main-street-nasdaq-com\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/08\/14\/how-high-frequency-trading-robots-are-creating-a-bumpy-ride-for-main-street-nasdaq-com\/\",\"url\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/08\/14\/how-high-frequency-trading-robots-are-creating-a-bumpy-ride-for-main-street-nasdaq-com\/\",\"name\":\"How High Frequency Trading Robots Are Creating a Bumpy Ride for Main Street - NASDAQ.com - the patient investor\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#website\"},\"datePublished\":\"2012-08-14T10:33:22+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/08\/14\/how-high-frequency-trading-robots-are-creating-a-bumpy-ride-for-main-street-nasdaq-com\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2012\/08\/14\/how-high-frequency-trading-robots-are-creating-a-bumpy-ride-for-main-street-nasdaq-com\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/08\/14\/how-high-frequency-trading-robots-are-creating-a-bumpy-ride-for-main-street-nasdaq-com\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/thepatientinvestor.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"How High Frequency Trading Robots Are Creating a Bumpy Ride for Main Street &#8211; NASDAQ.com\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/thepatientinvestor.com\/#website\",\"url\":\"https:\/\/thepatientinvestor.com\/\",\"name\":\"The Patient Investor\",\"description\":\"Smart. 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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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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":4553,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/06\/05\/securities-technology-monitor-dark-trading-bad-hft-good\/","url_meta":{"origin":5251,"position":1},"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":5262,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/08\/14\/nanex-high-frequency-traders-at-work-video\/","url_meta":{"origin":5251,"position":2},"title":"Nanex ~ High frequency traders at work [video]","author":"Colin Twiggs","date":"August 14, 2012","format":false,"excerpt":"High Frequency Traders (HFT) jam thousands of quotes in MasterCard stock at the millisecond level on May 16, 2012. From Eric Hunsader - Nanex http:\/\/youtu.be\/sDriNz8oAlc Entire video shows about 5 seconds of time, slowed so you can see what goes on at the millisecond level. Each box represents one exchange.\u2026","rel":"","context":"In &quot;Trading&quot;","block_context":{"text":"Trading","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/trading\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/img.youtube.com\/vi\/sDriNz8oAlc\/0.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":7058,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/18\/asic-high-frequency-trading-taskforce-key-findings\/","url_meta":{"origin":5251,"position":3},"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":5251,"position":4},"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":6644,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/02\/06\/high-frequency-trading-fake-quotes-business-insider\/","url_meta":{"origin":5251,"position":5},"title":"High Frequency Trading Fake Quotes &#124; Business Insider","author":"Colin Twiggs","date":"February 6, 2013","format":false,"excerpt":"Linette Lopez writes: Nanex, a Chicago-based market research firm, sent us a chart that illustrates what can stand in a trader's way when they're trying to quote the right price...... \"It happens all the time,\" [Nanex CEO Eric] Hunsader told Business Insider. \"It crowds out legitimate prices... it's like SPAM.\u2026","rel":"","context":"In &quot;Trading&quot;","block_context":{"text":"Trading","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/trading\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/5251","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=5251"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/5251\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=5251"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=5251"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=5251"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}