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  • Crossing the jargon jungle

    The financial services industry is well-known for its complex terminology, incomprehensible to anyone outside the sector – perhaps even to some active in it.

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  • Dark pools

    I was recently interviewed on CNBC about high frequency trading and dark pools in Europe. Steve Sedgwick raised some interesting questions during the interview, which I wanted to address further here.

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  • FIA EPTA Responds to MiFID II Consultation

    The FIA European Principal Traders Association, together with its affiliates FIA and FIA Europe, jointly responded on August 1 to the European Securities and Markets Authority's consultation process for the implementation of the recast Markets in Financial Instruments Directive and the new Markets in Financial Instruments Regulation.

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  • Squeezing the middlemen

    The need for middlemen in modern market structure has been much discussed since the publication of ‘Flash Boys’. The idea prevailing is that in today’s technological age middlemen are no longer needed to help market participants find each other, and are simply making easy profit at the expense of the little guy.

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  • Flash boys: a view from the inside

    It has certainly been an interesting few weeks for traders around the world: since Michael Lewis’ book “Flash Boys” was published, the financial markets, and high frequency trading in particular, have hardly left the headlines.

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  • The beauty of co-location

    At FIA EPTA, we think objections to co-location most often stem from not understanding what it is and how it benefits the market, or from the mistaken belief that co-location is some kind of ‘special club’ that only certain people get invited to join.

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  • Michael Lewis' HFT Book: More of a Dark Market Than a Lit One

    Craig Pirrong, the author of the Streetwise Professor blog, comments that “Flash Boys” is essentially a morality tale that does not capture the “true complexity” of markets or high-frequency trading.

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  • Flash Boys Misses the Big Picture

    Richard Gorelick comments that Flash Boys, the new book on U.S. equity markets by author Michael Lewis, focuses on “business models that benefit from scaring the public” and ignores the substantial benefits for investors that have come from advances in trading technology.

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  • High-Frequency Hyperbole

    Clifford Asness and Michael Mendelson of AQR Capital Management, an investment management firm with $98 billion in assets under management, comment that much of the criticism of HFT is misguided and add that their firm has benefitted from the reduction in trade execution costs associated with the use of HFT for market-making.

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  • No, Michael Lewis, the U.S. Equities Market Is Not Rigged

    Larry Tabb, the chief executive of the consulting firm Tabb Group, explains why recent statements by author Michael Lewis that the U.S. equities market is “rigged” are wrong and explains that intermediaries perform one of the most important functions of a market—price discovery.

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