Views on improving the integrity of global capital markets

Market Structure

Are Frequent Batch Auctions a Solution to HFT Latency Arbitrage?

Profitability of HFTs has declined rapidly in recent years, most likely as a result of the physical limits of reducing latency being reached.

Regulators Shining a Light on Dark Pools

Regulatory net continues to tighten around dark pools as the list of badly behaved HFT and dark pool firms grows.

DC Policy Update: SEC, FINRA Roll Out Proposals to Aid Market Transparency (Podcast)

Jim Allen, CFA, examines proposals on tick sizes for small-cap companies, fixed-income market transparency, and a small-cap company structure for venture markets.

Predatory HFT Strategies: Is “Information Transmission Zoning” the Solution?

A new report may hold the answer to alleviating issues surrounding predatory HFT algorithms.

Big Market Data: Finra Proposals to Bolster Dark Pool, Bond Market Transparency

Finra rules providing better view into the state of the markets are long overdue.

HFT and IEX’s “Fair-Access” Platform: One Step Forward, Two Steps Back?

IEX applies for exchange status and requests SEC policy change that could harm investors.

Good HFT, Bad HFT: Dividing Line between Predatory and Passive Strategies

Important distinction between passive and predatory strategies rarely made explicit in high-frequency trading debate.

Dodd-Frank at a Crossroad: What’s Next for Bank Regulation? (Video)

Four years after Dodd-Frank, what's on the bank-regulatory horizon for shadow banking, resolution planning, securities regulations, and consumer protection rules?

ASEAN as a Single Market: What, When, How, and Really?

The 10 countries that make up the Association of Southeast Asian Nations (ASEAN) are now moving towards economic integration. What does this mean for investors?

HFT Strategies: Why the Sudden Fuss over Speed Advantages?

Are HFT speed advantages wrong, or simply taking advantage of inefficiencies in an imperfect market?

HFT Cause and Effect: What Is the Role of Exchange Industry Economics?

The publicity frenzy over HFT in the wake of the Michael Lewis book Flash Boys has led to much conjecture, claim and counter-claim over how the current market structure serves investors.

High-Frequency Trading: How Should Regulations Develop in Response to Modern Trading Techniques?

Although “Flash Boys” has made high-frequency trading a household word, industry insiders have been pondering the pros and cons of high-frequency trading since 2010, when the stock market “flash crash” put automated trading in the crosshairs of regulators.

Debating Michael Lewis’ “Flash Boys”: High-Frequency Trading Not All Bad

There’s more emphasis on banks and brokers who allegedly step in front of clients’ orders for their own benefit, and less attention to market structure changes that have contributed to tighter spreads, lower trading costs.

MiFID II: Agreement Finally Reached, Implementation Challenges Ahead

The genesis of MiFID II was to bring greater transparency to financial markets and strengthen investor protection. But despite the political agreement, the process is far from over.

What Is the Future of Financial Exchanges? (Video)

“While exchanges have a responsibility to provide fair and equal access to all market participants without violating public interest responsibility, they are dependent on a responsible financial ecosystem of lawyers, consultants, advisers, accountants, and managers of listed companies to avoid fraud by listed companies,” TMX Group CEO Thomas Kloet said recently at a program on “The Future of Exchanges.”

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