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Re:"Flash" Dance, Pilgrim, "Flash" Dance! (1 viewing) (1) Guest

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TOPIC: Re:"Flash" Dance, Pilgrim, "Flash" Dance!
#1327
"Flash" Dance, Pilgrim, "Flash" Dance! 4 Years, 8 Months ago Karma: 0  
Looks like the jig is up for flash traders, those chosen few who get to pull the trigger a spilt second ahead of everybody else.

Their schtick seemed doomed the minute the New York Times came out with a big story detailing how it works (although they misnamed it "high-frequency" trading, which isn't the issue here - "high-frequency" trading will continue.) The curtailment of flashing is pretty much a fait accompli now, with Chuck Schumer and Mary Shapiro putting their heads together on it. Next up, "dark pools," another members-only deal.

Given the populist tide, you have to wonder how the flashers have gotten away with it for as long as they have. Helps explain how Goldman-Sachs has done so well, eh?

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#1328
Re:"Flash" Dance, Pilgrim, "Flash" Dance! 4 Years, 8 Months ago Karma: 2  
Could it be that Goldman has had friends in high places for many a year? Of course, that includes Chuck Schumer. So what gives now? It's interesting that Schumer feels he needs to take a stand on this.
 
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#1608
Re:"Flash" Dance, Pilgrim, "Flash" Dance! 4 Years, 7 Months ago Karma: 0  
It’s a day of reckoning today for flash traders, as some people predicted some weeks ago.

So now -- as John Goff explains neatly, right here -- the SEC has finally lowered the boom on a practice that by most fair assessments is, well, not fair. It gives certain rich and powerful traders a leg up on everybody else (the SEC has a pretty good fact sheet posted here).

To give you an idea of how non-controversial it is to close the door on flash traders, the SEC voted 5-0 for the ban (fine print here). They have to do one more ballot before it becomes official, but it’s hard to imagine a commission member changing his or her mind in the next round and deciding it’s OK, after all. Only about 3 percent of stock orders in the U.S. are placed by flash traders, but still ...

The practice is permitted only because of an explicit exemption somebody got into government regulations a few years back. Major exchanges in the U.S. had allowed it until it recently created enough bad press for all but DirectEdge to drop it.

Most of the reporting on this issue notes that flash traders have an advantage of “less than a second” over other traders, and SEC Chairman Mary Schapiro calls it a “momentary head-start,” language that implies it’s not that big of an edge. But a half-second – or 500 milliseconds as traders say – is a long time in this age of computer-driven trading.

Next in the agency’s firing line: big traders who hide what they're doing in so-called dark pools, a cousin to flash traders.
 
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#1609
Re:"Flash" Dance, Pilgrim, "Flash" Dance! 4 Years, 7 Months ago Karma: 2  
Your mention of dark pools was intriguing so I just googled it. Seems the EU is now looking into the practice:
http://in.reuters.com/article/fundsNews/idINLI28579020090918

Also, surprise surprise, Goldman Sachs is into this practice in an big way and has been very successful doing so.
 
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#2518
thalz ()
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Re:"Flash" Dance, Pilgrim, "Flash" Dance! 2 Years, 7 Months ago Karma: 0  
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