{"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 v27.6 - 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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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-1mH","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":5251,"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":7058,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/18\/asic-high-frequency-trading-taskforce-key-findings\/","url_meta":{"origin":5251,"position":1},"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":2},"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":3},"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":[]},{"id":5041,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/08\/03\/electronic-trading-glitches-shake-market-confidence\/","url_meta":{"origin":5251,"position":4},"title":"Electronic Trading Glitches Shake Market Confidence","author":"Colin Twiggs","date":"August 3, 2012","format":false,"excerpt":"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?\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":[]},{"id":5523,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/19\/for-superfast-stock-traders-a-way-to-jump-ahead-in-line-wsj-com\/","url_meta":{"origin":5251,"position":5},"title":"For Superfast Stock Traders, a Way to Jump Ahead in Line &#8211; WSJ.com","author":"Colin Twiggs","date":"September 19, 2012","format":false,"excerpt":"By SCOTT PATTERSON and JENNY STRASBURG Haim Bodek was a Wall Street insider at Goldman Sachs and UBS before launching his own [high-frequency] trading firm. Mr. Bodek approached the Securities and Exchange Commission last year alleging that stock exchanges, in a race for more revenue, had worked with rapid-fire trading\u2026","rel":"","context":"In &quot;Stock Markets&quot;","block_context":{"text":"Stock Markets","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/stock-markets\/"},"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}]}}