The big news in the Citadel, KCG Holdings HFT investigation, first reported by Reuters today, is that such an investigation is even taking place. There has been a slow change in financial services and, like an oven temperature being expertly turned up, few people have noticed. From 2012 onward investigators have been slowly turning up the pressure much like one might change the long / short ratio in a hedge fund using macro-economic indicators. The FBI investigation into Citadel LLC on high frequency trading issues benchmarks another example of an investigative move that those close to the situation thought improbable. Ken…
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- Leading HFT author surprised by bold DoJ HFT investigation
- DoJ hft investigation might look at common old school illegal brokerage practice of improper trade allocation
- When regulations are written to be intentionally complex, the result is market participants don't understand how the rules apply
- Ready To Play Hardball: Bank analysts have nuanced but generally consistent analysis
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