{"id":6356,"date":"2012-12-04T18:44:39","date_gmt":"2012-12-04T23:44:39","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=6356"},"modified":"2012-12-04T18:44:39","modified_gmt":"2012-12-04T23:44:39","slug":"how-regulations-led-to-high-frequency-trading","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2012\/12\/04\/how-regulations-led-to-high-frequency-trading\/","title":{"rendered":"How Regulations Led to High-Frequency Trading"},"content":{"rendered":"<p>John Carney writes that high frequency trading is an unintended consequence of regulatory action to remove market specialists:<\/p>\n<blockquote style=\"background-color:#ddddff;\"><p>High frequency trading grew up in the aftermath of a decades-long struggle by Congress, the SEC, and the stock exchanges to stamp out the specialists, who were accused of front-running customers, favoritism and interfering with the smooth operations of markets&#8230;&#8230;.. Things really came to a head after the dot-com crash, when everyone was looking for someone to blame for all that money lost. By 2005, the government passed a series of market reforms that were aimed directly at eliminating the specialists. In the wake of those reforms, commissions fell, pricing improved, exchanges became more competitive\u2014and high-frequency trading arose.<\/p><\/blockquote>\n<p>Seems they have swapped one set of problems for another.<\/p>\n<p>The safest way for retail investors or traders to minimize the cost of HFT market interference may be to participate in opening or closing auctions where bids are matched by algorithm.<\/p>\n<p>via <a href='http:\/\/www.cnbc.com\/id\/100276801'>How Regulations Led to High-Frequency Trading<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>John Carney writes that high frequency trading is an unintended consequence of regulatory action to remove market specialists: High frequency trading grew up in the aftermath of a decades-long struggle by Congress, the SEC, and the stock exchanges to stamp out the specialists, who were accused of front-running customers, favoritism and interfering with the smooth &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2012\/12\/04\/how-regulations-led-to-high-frequency-trading\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;How Regulations Led to High-Frequency Trading&#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":[1685,2242],"class_list":["post-6356","post","type-post","status-publish","format-standard","hentry","category-stock-markets","category-trading","category-us-canada-countries-regions","tag-high-frequency-trading","tag-market-specialists"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How Regulations Led to High-Frequency Trading - 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 Regulations Led to High-Frequency Trading - the patient investor\" \/>\n<meta property=\"og:description\" content=\"John Carney writes that high frequency trading is an unintended consequence of regulatory action to remove market specialists: High frequency trading grew up in the aftermath of a decades-long struggle by Congress, the SEC, and the stock exchanges to stamp out the specialists, who were accused of front-running customers, favoritism and interfering with the smooth &hellip; Continue reading &quot;How Regulations Led to High-Frequency Trading&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2012\/12\/04\/how-regulations-led-to-high-frequency-trading\/\" \/>\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=\"2012-12-04T23:44:39+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\/12\/04\/how-regulations-led-to-high-frequency-trading\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/12\/04\/how-regulations-led-to-high-frequency-trading\/\"},\"author\":{\"name\":\"Colin Twiggs\",\"@id\":\"https:\/\/thepatientinvestor.com\/#\/schema\/person\/d42b18d516a80149d739845749ac6454\"},\"headline\":\"How Regulations Led to High-Frequency Trading\",\"datePublished\":\"2012-12-04T23:44:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/12\/04\/how-regulations-led-to-high-frequency-trading\/\"},\"wordCount\":170,\"commentCount\":2,\"publisher\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#organization\"},\"keywords\":[\"high frequency trading\",\"market specialists\"],\"articleSection\":[\"Stock Markets\",\"Trading\",\"US &amp; 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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\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"How Regulations Led to High-Frequency Trading - the patient investor","robots":{"index":"noindex","follow":"follow"},"og_locale":"en_US","og_type":"article","og_title":"How Regulations Led to High-Frequency Trading - the patient investor","og_description":"John Carney writes that high frequency trading is an unintended consequence of regulatory action to remove market specialists: High frequency trading grew up in the aftermath of a decades-long struggle by Congress, the SEC, and the stock exchanges to stamp out the specialists, who were accused of front-running customers, favoritism and interfering with the smooth &hellip; Continue reading \"How Regulations Led to High-Frequency Trading\"","og_url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/12\/04\/how-regulations-led-to-high-frequency-trading\/","og_site_name":"the patient investor","article_publisher":"https:\/\/www.facebook.com\/profile.php?id=61572934660810","article_author":"https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/","article_published_time":"2012-12-04T23:44:39+00:00","author":"Colin Twiggs","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Colin Twiggs","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/thepatientinvestor.com\/index.php\/2012\/12\/04\/how-regulations-led-to-high-frequency-trading\/#article","isPartOf":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2012\/12\/04\/how-regulations-led-to-high-frequency-trading\/"},"author":{"name":"Colin Twiggs","@id":"https:\/\/thepatientinvestor.com\/#\/schema\/person\/d42b18d516a80149d739845749ac6454"},"headline":"How Regulations Led to High-Frequency Trading","datePublished":"2012-12-04T23:44:39+00:00","mainEntityOfPage":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2012\/12\/04\/how-regulations-led-to-high-frequency-trading\/"},"wordCount":170,"commentCount":2,"publisher":{"@id":"https:\/\/thepatientinvestor.com\/#organization"},"keywords":["high frequency trading","market specialists"],"articleSection":["Stock Markets","Trading","US &amp; Canada"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/thepatientinvestor.com\/index.php\/2012\/12\/04\/how-regulations-led-to-high-frequency-trading\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/thepatientinvestor.com\/index.php\/2012\/12\/04\/how-regulations-led-to-high-frequency-trading\/","url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/12\/04\/how-regulations-led-to-high-frequency-trading\/","name":"How Regulations Led to High-Frequency Trading - the patient investor","isPartOf":{"@id":"https:\/\/thepatientinvestor.com\/#website"},"datePublished":"2012-12-04T23:44:39+00:00","breadcrumb":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2012\/12\/04\/how-regulations-led-to-high-frequency-trading\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/thepatientinvestor.com\/index.php\/2012\/12\/04\/how-regulations-led-to-high-frequency-trading\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/thepatientinvestor.com\/index.php\/2012\/12\/04\/how-regulations-led-to-high-frequency-trading\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/thepatientinvestor.com\/"},{"@type":"ListItem","position":2,"name":"How Regulations Led to High-Frequency Trading"}]},{"@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. 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-1Ew","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":6356,"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":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":6356,"position":1},"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":[]},{"id":7058,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/18\/asic-high-frequency-trading-taskforce-key-findings\/","url_meta":{"origin":6356,"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":5278,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/08\/16\/asx-revenue-from-high-frequency-trading-soars\/","url_meta":{"origin":6356,"position":3},"title":"ASX revenue from high frequency trading soars","author":"Colin Twiggs","date":"August 16, 2012","format":false,"excerpt":"A new data center, catering for high-speed trading, is becoming a major revenue-source for the ASX. 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":6356,"position":4},"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":5041,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/08\/03\/electronic-trading-glitches-shake-market-confidence\/","url_meta":{"origin":6356,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/6356","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=6356"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/6356\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=6356"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=6356"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=6356"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}