The Complexity of High Frequency Trading

The problems detailed below of order types, rebates, and failed regulations are symptomatic of the deeper, more systemic problem with the regulation of equity markets:undue and dangerous complexity. Ever increasing regulatory and market microstructure complexity endangers market participants and society at large. It is absolutely essential for the long-term health of our financial system that policymakers reduce complexity.

Regulators seem to think that the rules need to be complex because the financial system is complex, but that couldn’t be further from the truth. Rules governing the stock exchanges need to be as simple as possible so that robustness is built into the system. High-frequency traders (HFTs), regulators, and exchanges are all responsible for this complexity, which is manifested most significantly in the following unfortunate properties of our stock market:

1. Order type proliferation and confusion

2. Destination proliferation (numerous of each: lit exchanges, dark pools, internalization)

3. Rebate distortions and complexity

The equity markets’ complexity has led to a burgeoning fragility. In contrast to the opaque and complex equities market, the futures market is several orders of magnitude simpler and more robust. There are fewer futures market venues and there are no rebates which over-complicate the markets while distorting price discovery. Futures market microstructure should be the model and standard for reforming our equities markets.

Recent SEC penalty

The SEC has recently been paying more attention to the advantages HFTs have over all other market participants. In October 2012, the SEC imposed a bold $5 million penalty against the New York Stock Exchange for providing delayed quotes to different traders. One SEC staff member described the penalty in this way: “The NYSE chose ground-shipping for sending market data to the consolidated feed but used next-day air for its paying customers.”

The SEC Is Lagging on Regulation

However, the SEC in general has lagged in their understanding of regulations and their consequences in the new world of super-low latency trading. The SEC’s Division of Risk, Strategy, and Financial Innovation was created to oversee HFT regulation and is currently headed by a physicist and former hedge fund manager named Gregg Berman. Despite his academic qualifications, Berman has been extremely deferential to HFT. For instance, no formal application for a new order type has been denied to the various stock exchanges. Berman’s division in general has been overly cozy with HFTs. In an October Reuters article, Berman explained his reluctance to regulate HFT more aggressively:

 ”I’ve heard many suggestions for how we might slow down the markets. But I think some ideas have ignored the fact that we have markets in which investors demand the ability to trade on an immediate and continuous basis, not at discrete intervals. . . . It’s like saying ‘let’s use the rules of train travel, in which every train is on a specific track, to try to dictate how cars should behave, even though cars can drive between the lanes and on the shoulder.’”

Berman has been strongly criticized for this approach to HFTs. In October 2010, Reuters reported that HFT firms see Berman as very favorable to them. Also see this Firedoglake post titled “Official Report on Flash Crash: Nothing to See Here.”

In August 2012, the SEC announced that Berman is directing a new Data Analysis Group that is looking for staff. Trader Magazine reported that part of the reason for the group was that the “SEC learned it was unprepared to sift through the mountains of market data in the current high-speed, rapid-trading marketplace of today. That was evident when it had difficulty understanding what happened in the market on May 6, 2010-the day of the ‘flash crash.’”

Finally, the SEC recently announced its decision to pay a New Jersey trading firm named Tradeworx $2.5 million for real-time data for the Data Analysis Group. Tradeworx’s founder Manoj Narang has been an extremely staunch defender of HFT and a harsh critic of efforts to limit quote traffic. TradeWorx has designed a proprietary software system called Market Information Data Analytics System (MIDAS) for the SEC, to be released by the end of 2012. SEC’s retention of Tradeworx is another example of the SEC’s too-close relationship with HFTs. As the New York Times reported, a recent Senate hearing featured testimony from a former HFT that the arrangement was “reminiscent of the fox guarding the hen house.”

Reg NMS, Rules 610 and 611

Another example of problematic regulation is the extensive regulatory arbitrage around Regulation National Market System (Reg NMS), which the SEC adopted in 2005 to link together the multiple markets where securities are traded. In 2007, Rule 610 was implemented to require fair and non-discriminatory access to quotations; establish a limit on access fees; and require each exchange to establish rules to prohibit members from locking markets through quotes. Please see Locked Markets, Priority and Why HFTs Have an Advantage: Part I by former HFT trader and SEC whistleblower Haim Bodek.

In plain English, Rule 610 was supposed to stop HFTs from locking up markets through “scalping.” Scalping occurs when an HFT buys a large quantity of a stock at the bid price and then sells as the ask price within a tight time period, without the bid or ask prices moving. This had the effect of locking a market to an outside participant.

Rule 610 was well-intentioned, but created an environment where HFTs send and cancel large numbers of unexecuted transactions to make their orders “stick” at the best price at the top of a queue. After Rule 610, HFTs launched new “spam and cancel” strategies that repeatedly attempted to get to the front of order queues in new ways, often enabled by the exchanges themselves.

For example, one new order feature is to “price slide” the order. After an order, exchanges slightly “slide back” or modify the price to offer a purportedly “convenient” and “sensible” price. When these orders are “slid back,” they lose their placement in the queue. HFTs therefore learn that there are other orders ahead in better queue positions and cancel their “slid orders” and re-place with new orders. However, the orders placed by traditional investors, such as pension funds, typically slide without being canceled, therefore losing ultimate placement in the queue to the HFTs. Many institutional traders have no idea that their orders are being “slid away” from the top of the book.

Some exchanges also give HFTs specialized order confirmation information that enables them to detect when their orders are being “slid,” so they can quickly cancel the price-slid order. These “opt out” options reject orders that might have otherwise been placed in a disadvantaged queue position, giving another hidden advantage to HFTs over institutional traders.

Rule 610 also enabled a new wave of “Hide and Light” strategies offered by the exchanges and exploited by HFTs. “Hide and light” order types gave a superior queue position by automatically “lighting” a hidden order when the order would no longer lock the market, transforming an HFT’s previously hidden order into a “protected quotation” when it is most advantageous. See Bodek’s Locked Markets, Priority and Why HFTs Have an Advantage: Part II. The “Hide and Light” strategies further disadvantage institutional investors, who cannot take advantage of the “special relationship between Rule 610, the processing of the Security Information Processor (SIP) feed, exchange order matching engine practices, and the special order types themselves.”

Finally, Rule 611 of Reg NMS, also known as the Order Protection Rule, has also enabled HFTs to gain an unfair advantage over institutional investors. Rule 611 was intended to create a single, unified national bid and offer by prohibiting exchanges from executing trades that can be filled at better prices at away markets. The SEC created Intermarket Sweep Orders (ISOs) as an exemption to Rule 611. Using ISO types such as the “Immediate-or-Cancel” (IOC) version, which instructs an exchange either to immediately execute an order at a specific price or to cancel it, HFTs defeat institutional investors using slow SIP data feeds. For more information on this very complex issue, see Haim Bodek’s Why HFTs Have an Advantage, Part 3: Intermarket Sweep Orders.

Problems such as these should be fixed with an overhaul of Rule 610 and Rule 611 by the SEC.

Odd Lots

Another example is the SEC’s refusal to require odd lots to be reported to the consolidated tape. Odd lots are trades under 100 shares. As Trader Magazine has reported, a 2011 Cornell University report contained disturbing findings of additional unregulated opacity in our markets.

The report finds that odd lots increased from 2.25% of total volume at the beginning of 2008, to as high as 20% today—a change attributable to HFTs’ algorithms. In the words of one co-author of the study: “Part of what’s happening is algos have now changed how you trade, and so it’s not that uncommon to have an order chopped up into lots of little pieces.”

Some of the increased traffic is caused by HFTs using single share trades—which are considered odd lots—to ping a stock’s price and potential hidden orders. But even though odd lots are under 100 shares, they can still be large trades. Google trades at over $600 a share, so a trade of $60,000 of Google stock is still an odd lot. 34% of all trades in Google are odd lots, and all of these trades go unreported.

Rebates and Order Types

A final example is the enormous and unnecessary complexity surrounding rebate and fee schedules. It should be noted that QIM receives a significant amount in rebates which partially offsets various equity execution costs. Despite this, rebates have a highly distortive effect on the equity markets, and we believe they should be banned. The discriminatory order type and queue system is further enabled by the complex rebate and fee landscape on our stock exchanges. All US stock exchanges currently employ complicated systems of fees and rebates that provide further incentive and opportunity for HFTs to disadvantage all other traders with respect to queue priority.

These systems are not public or transparent, meaning that some exchanges are affording unfair advantages to certain traders, either because they pay for them, because they are confidentially informed about how to get their orders higher in the queue, or because they have collusive relationships with the exchanges themselves. In addition, the sheer enormity of the complexity itself enables a large asymmetry of information that HFTs exploit every second of the trading day. Please see this Wall Street Journal article titled For Superfast Stock Traders, a Way to Jump Ahead in Line for more information.

The vast number of order types also contributes to extreme complexity. See this SEC listing of “common order types,” which is modest and minimal, and coincidentally or not, very similar to the list of available order types on a typical futures exchange. Then compare it with this exhaustive, complex, and extremely opaque list of order types provided by the exchange Direct Edge. There is clearly a gap between industry and government.

As Themis Trading argues, the new order types are “perks sold to them by the exchanges – including colocation, data feeds, and dubious order types – to make sure that they maximize the number of free shots at a risk free rebate. This means they want to bid and be first in line, and only when they are assured that there are other buyers deep behind them, and collect rebates. If they are successful and buy stock and collect a rebate, they can turn around and instantly sell that stock at the same price to the person behind them, still making a profit. This is not liquidity provision. They game ways to be at the top of the book in stocks that already have the liquidity that serves as a backstop.”

Policy Recommendations

1) The SEC and CFTC, led by Congress, should undertake a holistic effort to reduce undue complexity in our regulatory system. This effort would fit well within your regulatory “pay go” proposals and would be akin to the Paperwork Reduction Act of 1995. The government should aspire to make the equities market meet the simplicity and transparency of the futures market.

2) Rules 610 and 611 should be overhauled to address the perverse incentives they have created and the ways in which exchanges are working to give HFTs unfair advantages over all other market participants.

3) As Themis Trading recently suggested, the SEC should institute a moratorium on the approval of new order types; disclose its “yardstick and methodology” for approving complex order types; and overhaul the self-regulatory organization (SRO) rulemaking process. We actually take this much further and urge that most order types be de-authorized.

4) The SEC should hire only top-flight personnel who will subject HFTs and the exchanges to the highest level of scrutiny. This would counter the perception that the SEC itself is seriously behind industry when it comes to crucial issues like discriminatory order types.

5) Monitoring and data systems like the MIDAS system should cover off-exchange trading, including dark pools and, to every extent possible, internalization. This will enable the transparency and complete information that all market participants need and that fair regulation requires.

6) We should seriously consider outlawing rebates altogether. The current rebates for stocks especially with share prices between $1 and $20 are extremely distorting to the price-finding mechanism of a properly functioning market.

7) The SEC should require odd lots to be reported to the consolidated tape.


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  57. El servicio tecnico ha venido 3 veces a casa…la 1a vez recien comprado cambiaron el danper pero la nevera ha continuado haciendo ruidos ininterrumpidamente hasta el punto q no se puede cenar en familia en la cocina la cuestion es q el servicio trcnico dice q es normal…donde compre la nevera me dicen q puedo cambiarla por otra Siemens modelo KG36NXI42 que es de 37 decibelios.

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  59. Servicio técnico de electrodomésticos de gama blanca (climatización, Frigoríficos, Microondas, Lavadoras – Secadoras, etc) realizando trabajos de gran calidad e innovando, buscando y estudiando nuevas tecnologías que puedan aportar una mayor eficacia y rentabilidad a nuestros clientes.

  60. Los estudiantes, profesores y trabajadores de más de veinte universidades públicas de toda España afrontan hoy una jornada de huelga en sus centros y hay concentraciones y manifestaciones convocadas contra los recortes en educación. Las asambleas han pasado la noche en las facultades preparando piquetes informativosEsta mañana, más de una decena de las facultades de Madrid ha amanecido con sacos de dormir entre sus paredes y los estudiantes han organizado piquetes informativos para tratar de que sus compañeros secunden el paro.

  61. Peluquera oficial en los Goya y única persona en el mundo que se ha atrevido a colocarle las extensiones a Paris Hilton mientras dormía, entre su clientela habitual se encuentran personalidades de la talla de Eva González, Sergio Ramos, Toñi Salazar, Jessica Bueno, Isabel Gemio, Marta Torné, Blanca Cuesta Eugenia Martínez de Irujo. En pleno barrio de Moncloa y en un discreto local se ponen guapas algunas de las cabezas con más caché de la crónica social, entre las que también se encuentran Ana Rosa Quintana, Nuria Fernández Cari Lapique y sus hijas, Caritina y Carla Goyanes.

  62. En caso que no encuentre la marca de su electrodoméstico en esta lista no dude en llamarnos al enviarnos un correo a través de nuestro formulario de contacto (1). Técnicos especialistas en la reparación de lavadoras Rommer, lavavajillas Rommer, frigoríficos Rommer, cocinas Rommer, hornos Rommer y vitrocerámicas Rommer. En el supuesto de que haya que llevarse su aparato Rommer averiado, disponemos de talleres especializados y preparados para llevar a cabo una reparación exhaustiva y precisa del mismo.

  63. Periodista de formación, Manel Armengol se hizo famoso internacionalmente en 1976, cuando sus fotografías sobre la represión policial contra una manifestación pacífica fueron publicadas en importantes periódicos y revistas de Estados Unidos, Alemania, Francia, Italia, y por las que se le concedió el Premio Nacional de Fotografía de la revista Flash-Foto.

  64. Thanks for your blog post vpvidyicvm. Things i would like to add is that computer system memory must be purchased in case your computer can no longer cope with anything you do with it. One can mount two good old ram boards containing 1GB each, for example, but not one of 1GB and one having 2GB. One should always check the car maker’s documentation for the PC to make sure what type of memory space is needed.

  65. Los derechos de propiedad intelectual e industrial derivados de todos los textos, imágenes, así como de los medios y formas de presentación y montaje de sus páginas pertenecen, por sí como cesionaria, a TIPS4PICS SL serán, por consiguiente, obras protegidas como propiedad intelectual por el ordenamiento jurídico español, siéndoles aplicables tanto la normativa española y comunitaria en este campo, como los tratados internacionales relativos a la materia y suscritos por España.

  66. Pese a la abundancia de referencias bibliográficas, desde la consolidación de las redes sociales, el interés por el hipertexto ha sido desplazado por otros fenómenos como la participación en comunidades online y la escritura en blogs y wikis, tal y como pone en evidencia la publicación en 2006 de dos títulos como La blogosfera hispana: pioneros de la cultura digital, a cargo José M. Cerezo, Pangea.

  67. Al encontrarse en reclusión menor, Pepe Campúa tenía que solicitar permiso para salir de la ciudad de Madrid y así lo hizo, según consta en los archivos del Centro Documental de la Memoria Histórica (CDMH), para ir cinco días primero y quince días después a San Sebastián en octubre de 1943; veinticinco días en agosto de 1944 para ir a Cestona y San Sebastián; y seis meses a partir de junio de 1946 para viajar por motivos de trabajo a y Reino Unido.

  68. En Siemens nos comprometemos a reparar tu electrodoméstico en 48 h. De lo contrario, te regalamos un año de garantía adicional. Empresa de Madrid, encargada de la reparación, instalación, venta y montaje de electrodomésticos y aire acondicionado así como máquinas de hielo, maquinaria de hostelería, maquinaria de frío industrial. ARISERVICE MAD, S.L. es un servicio técnico especializado en las marcas Ariston, Fleck, Junkers, Vaillant y Chaffoteaux dentro de la Comunidad de Madrid.

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  75. He comprado un frigorífico tipo americano Haier Modelo HRF628IF6 EN EL CORTE INGLÉS, en sustitución de un General Electric del año 1985, 29 años ha durado. Y ademas gozan del beneplácito de la mayoría de los países en sus exportaciones, cosa les favorecen y nos perjudican ya que por regla general todo lo que exportan son productos de baja calidad prejudicando gravemente a tejido Industrial de Nuestro país en nuestro caso. En 1.999, un extraordinario personaje llamado FRANS JAMRY, a quien conocía ya, me ofreció llevar la posventa de la línea blanca de la marca HAIER en España, pues estaba a punto de firmar un contrato con los chinos donde él sería en responsable de Europa.

  76. Thanks for every other fantastic article. Where else could anybody get that kind of information in such a perfect approach of writing? I have a presentation next week, and I am at the look for such info.

  77. Hola buenas tardes, le informo del teléfono genérico para encontrar este repuesto que depende del servicio técnico en madrid de Fagor, dado que Edesa y Fagor tienen como común el mismo fabricante. Hola, buenos días, nosotros no tenemos ese material pero sin duda lo puede encontrar en Servicio Técnico Oficial BSINTERSERVICE en Madrid en Calle Embajadores 198, TF 5284704. Ponga el modelo que tiene en el buscador y debajo la Marca, y verá que le salen los diferentes modelos que le comento. También disponemos de servicio de fontanería y pocería, con un servicio óptimo y tarifas sin competencia.

  78. Generador de ozono – desodorización y purificación Salveco Proyectos S.L. empresa creada en 1996 y con mas de 25 años de experiencia e investigación de nuevas tecnologias especializada en generador de ozono, produce equipos generadores de ozono comercial y ozono industrial que ayudan a una esterilización, desodorización de ambientes y purificación de aguas.

  79. Contamos con un equipo cualificado y profesionalmente equipado con todos los dispositivos requeridos para la reparación y el mantenimiento de su nevera, lavadora, Secadora, Calentadores, Lavavajillas, Termos en Tenerife. Reparamos a domicilio y brindamos servicio tecnico lavadoras neveras calentadores, para todas las marcas y modelos de; Neveras , Lavadoras, Calentadores, Lavavajillas, Secadoras y Termos en Tenerife. Somos un equipo de técnicos cualificados y entregados al Servicio Técnico y Reparación de Electrodomésticos a domicilio en tenerife.

  80. En la visita del técnico deberá abonar la mano de obra del técnico en la verificación de avería reparación del aparato y piezas en caso de existir una sustitución de las mismas. Electro Asistencia repara todas las marcas y modelos de electrodomesticos y aire acondicionado no siendo SAT oficial de ninguna de ellas. DISPONIBLIDAD EN PIEZAS: Nuestras unidades móviles disponen de todo el material siempre y cuando sean piezas de reparación más frecuentes, en caso de que sean piezas específicas será necesario encargarlas bajo pedido. Necesitamos conocer el modelo exacto de tu Lavadora para poder orientarte mejor.

  81. De garantía, como he dicho lo que hacen es cambiarte el dispositivo y yo no quiero que me lo cambien, solo quiero cambiar la batería. Servicio Técnico lavadoras Liebherr Alcorcón, Servicio Técnico lavavajillas Liebherr Alcorcón, Servicio Técnico vitrocerámicas Liebherr Alcorcón, Servicio Técnico secadoras Liebherr Alcorcón, Servicio Técnico neveras Liebherr Alcorcón, Servicio Técnico frigoríficos Liebherr Alcorcón. Los logos y marcas de cada servicio expuesto en este website son propiedad de Servicio Técnico Oficial Liebherr ALCORCÓN y SAT oficial Liebherr ALCORCÓN,estando protegidos por las Leyes del Copyright,así como nuestros técnicos estan especializados en el Servicio Técnico y reparación de la marca Liebherr. Tanto si precisa de repuestos como de asistencia técnica, disponemos de todo cuanto necesita.

  82. Acostumbro cada mediodia buscar posts para pasar un buen momento leyendo y de esta forma he encontrado vuestra web. La verdad me ha gustado la web y pienso volver para seguir pasando buenos momentos.

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  85. Disponemos de asistencia técnica en reparacion de lavadoras, reparacion de lavavajillas, reparacion de secadoras, reaparacion de hornos y vitroceramicas, reparacion cocinas, reparacion frigorificos, reparacion microondas, reparacion campanas y termos. Todas las reparaciones de nuestros servicio tecnicos de electrodomesticos en Madrid están garantizadas por escrito y cuentan con una garantía de desde 3 meses. Basándonos en nuestra gran experencia y teniendo en cuenta la gran competencia en reparación de electrodomésticos ofrecemos precios y garantías atractivos, procurando que el cliente nunca pague dos veces por el mismo problema.

  86. Esto es realmente bueno, eres un blogger muy profesional. Me he unido a tu RSS y deseo encontrar más cosas en este gran blog. Además, !he compartido tu sitio en mis redes sociales! Saludos

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