{"id":5519,"date":"2012-09-19T02:37:29","date_gmt":"2012-09-19T06:37:29","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=5519"},"modified":"2012-09-19T02:37:29","modified_gmt":"2012-09-19T06:37:29","slug":"how-to-keep-markets-safe-in-the-era-of-high-speed-trading-chicago-fed","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/19\/how-to-keep-markets-safe-in-the-era-of-high-speed-trading-chicago-fed\/","title":{"rendered":"How to keep markets safe in the era of high-speed trading &#124; Chicago Fed"},"content":{"rendered":"<p>By Carol Clark<\/p>\n<blockquote><p>With the chance of an order passing though controls at so many levels, how can things go wrong? One possibility Chicago Fed researchers found is that most of the trading firms interviewed that build their own trading systems apply fewer pre-trade checks to some trading strategies than others. Trading firms explained that they do this in order to reduce latency.<\/p>\n<p>Another area of concern is that some firms do not have stringent processes for the development, testing, and deployment of code used in their trading algorithms. For example, a few trading firms interviewed said they deploy new trading strategies quickly by tweaking old code and placing it into production in a matter of minutes. In fact, one firm interviewed had two incidents of out-of-control algorithms. To address the first occurrence, the firm added additional pre-trade risk checks. The second out-of-control algorithm was caused by a software bug that was introduced as a result of someone fixing the error code that caused the first situation.<\/p>\n<p>The study also found that erroneous orders may not be stopped by some clearing BDs\/FCMs because they are relying solely on risk controls set by the exchange. As noted earlier, however, risk controls at the exchange may be structured in such a way that they do not stop all erroneous orders.<\/p><\/blockquote>\n<p>via <a title=\"Chicago Fed Letter\" href=\"http:\/\/www.chicagofed.org\/digital_assets\/publications\/chicago_fed_letter\/2012\/cfloctober2012_303.pdf\" target=\"_blank\">Chicago Fed Letter (PDF)<\/a><\/p>\n<p>BD = broker-dealer<\/p>\n<p>FCM = futures commission merchant<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Carol Clark With the chance of an order passing though controls at so many levels, how can things go wrong? One possibility Chicago Fed researchers found is that most of the trading firms interviewed that build their own trading systems apply fewer pre-trade checks to some trading strategies than others. Trading firms explained that &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/19\/how-to-keep-markets-safe-in-the-era-of-high-speed-trading-chicago-fed\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;How to keep markets safe in the era of high-speed trading &#124; Chicago Fed&#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":[57,32,34],"tags":[1069,1678,1685,1692],"class_list":["post-5519","post","type-post","status-publish","format-standard","hentry","category-stock-markets","category-trading","category-us-canada-countries-regions","tag-dodd-frank-act","tag-hft","tag-high-frequency-trading","tag-high-speed-trading"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How to keep markets safe in the era of high-speed trading &#124; Chicago Fed - 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 to keep markets safe in the era of high-speed trading &#124; Chicago Fed - the patient investor\" \/>\n<meta property=\"og:description\" content=\"By Carol Clark With the chance of an order passing though controls at so many levels, how can things go wrong? One possibility Chicago Fed researchers found is that most of the trading firms interviewed that build their own trading systems apply fewer pre-trade checks to some trading strategies than others. 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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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My concern is that this could change the entire focus of the ASX, outweighing revenue from traditional stock market trading. Tom Steinert-Threlkeld at the Securities Technology Monitor writes: The Australian Securities Exchange Group said\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":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":5519,"position":1},"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":[]},{"id":5584,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/26\/eu-trades-must-live-for-second-securities-technology-monitor\/","url_meta":{"origin":5519,"position":2},"title":"EU: Trades Must Live for Second &#124; Securities Technology Monitor","author":"Colin Twiggs","date":"September 26, 2012","format":false,"excerpt":"By Laton McCartney Members of the European Parliament tightened up the EU\u2019s proposal on high-frequency algorithmic trading, voting that all high-frequency trading orders should be valid for one half second. The rule means orders cannot be cancelled or modified for at least five hundred milliseconds.........All firms and trading venues also\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":[]},{"id":5255,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/08\/14\/plans-for-curbs-on-high-speed-share-trading-the-australian\/","url_meta":{"origin":5519,"position":3},"title":"Plans for curbs on high-speed share trading &#124; The Australian","author":"Colin Twiggs","date":"August 14, 2012","format":false,"excerpt":"ASIC deputy chairman Belinda Gibson says automated trading needs robust controls. The corporate watchdog has blamed high-frequency trading for a big jump in the number of issues referred for investigation in the June half-year. \"This type of trading, and algorithms generally, continue to be of concern,\" Ms Gibson said. \"The\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":5519,"position":4},"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":8094,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/07\/11\/the-high-frequency-trading-arms-race-frequent-batch-auctions-as-a-market-design-response\/","url_meta":{"origin":5519,"position":5},"title":"The High-Frequency Trading Arms Race: Frequent Batch Auctions as a Market Design Response","author":"ColinTwiggs","date":"July 11, 2013","format":false,"excerpt":"Extract from a paper by Eric Budish, Peter Cramton, and John Shim proposing that frequent batch auctions -- uniform-price double auctions conducted at frequent but discrete time intervals (e.g. every 1 second) \u2013 be employed to end the high-frequency trading arms race: The fourth and final part of our argument\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\/5519","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=5519"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/5519\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=5519"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=5519"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=5519"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}