Apr 08

The Father Of High Speed Trading Speaks: “The Market We Created Is A Casino; A Complete Mess; A Rigged Game” (Zerohedge, April 7, 2014):

While simplistic economist hacks and conflicted industry practitioners who stand to lose their entire revenue stream should HFT be liquidated, not to mention pagreview trolling journos, are suddenly not only experts in HFT, but are convinced allegations that high frequency trading rigs markets are blown out of proportion, here is what one of the actual pioneers of, and erstwhile legends in, computerized trading – the billionaire founder of Timber Hill and Interactive Brokers Thomas Peterffy – the man NPR dubbed the “father of high-speed trading” has to say.

The following excerpt is courtesy of Scott Patterson’s book Dark Pools: The Rise of the Machine Traders and the Rigging of the U.S. Stock Market, which largely covers the same subject matter as Michael Lewis (and well before), and which has been profiled here previously. Continue reading »

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