Liberty Blitzkrieg
June 28, 2012
As if we needed another story to further solidify the running joke that has become the U.S. stock market. In this article from Bloomberg we find out that:
High-frequency trading firms are drawing scrutiny from U.S. regulators seeking evidence that they may be distorting market prices by conducting transactions with themselves, said two people with knowledge of the matter.
But fear not America, the SEC is on the case!
The Securities and Exchange Commission and Commodity Futures Trading Commission have sharpened their focus on high- frequency and algorithmic trading since May 6, 2010, when about $862 billion was erased from stock values in 20 minutes before share prices recovered from the plunge.
Wow, that makes me feel a lot better. Two years “sharpening their focus.”
Oh well, perhaps the CFTC will do something?
They are “considering a concept release!” Must be busy working on the Jon Corzine case right? Which beach is he laying out on this week?
Full article here.
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