High Frequency Commentary & Analysis

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  • A Letter to Anadarko Regarding Its 'Flash Crash'
    By Joe Saluzzi | May 21, 2013
    In response to shares of Anadarko Petroleum trading as low as a penny last week, Themis Trading raises questions to Anadarko about the stock's rapid descent in the context of the current market structure.
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  • HFT Firms Flood DC with Donor Dollars
    By Phil Albinus | May 17, 2013
    While lawmakers and regulators take a long hard look at high-frequency trading, the firms that trade near the speed of light are donating money like never before.
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  • Is Trading Via Microwaves Ready for Prime Time?
    By Phil Albinus | May 08, 2013
    As traders look for the fastest way to trade, one connectivity provider may have an answer: Sending data and trade orders via microwaves. So, what happens when it rains?
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  • Differences Between Dark and Lit Trading
    By Sugata Ray | May 02, 2013
    Distinguishing between "dark and lit" trading venues in strategy discussions must consider the order size because small trades parsed algorithmically across venues have a different impact on information leakage than block trades.
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  • HFTs Chase Speed Despite Risks and Regulations
    By Phil Albinus | May 02, 2013
    Like an addict chasing the next high while evading their family, the police and reality, high frequency traders are in a similar state of denial.
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  • After the Hash Crash: Worrying About the Next Glitch
    By Ivy Schmerken | April 30, 2013
    After last week's Hash Crash, James Angel of Georgetown University told CNBC he's worried about the next glitch. Circuit breakers are in place, but he's not sure how they will react when the next stress hits.
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  • As Regulators Eye Dark Pools, Canada is in the Spotlight
    By Jennifer Liu, Capco | April 25, 2013
    In Part II of their series, Capco consultants examine Canada’s new rules on dark pools, comparing the similarities and differences in the way that dark pools are regulated in Canada versus the United States.
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  • Of Frogs, Boiling Water, Market Structure and Trading
    By Tom Carter, Jones Trading | April 17, 2013
    The sense that inertia and incrementalism are the only approaches to solving market inertia does not necessarily have to be the case. What may be required is a systemic review of market structure itself.
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  • High Frequency Trading Loses Its Luster
    By Ivy Schmerken | April 04, 2013
    With profits down due to lower volumes and declining volatility in U.S. stocks, high-frequency traders face growing pressure to find new markets and innovate when speed is not enough.
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  • Limit Up-Limit Down: Where’s the Limit?
    By Anthony Becker, SunGard’s Valdi Trading Compliance | March 28, 2013
    It seems like the Limit Up-Limit Down rule is a blanket oversight that fails to tackle the real issue around extraordinary market volatility, the rise of high frequency trading and rogue algorithms.
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  • Self-Learning Algorithms: The New Frontier for Trading and Market Surveillance
    By John Bates | March 28, 2013
    Self-learning techniques, such as machine learning or artificial intelligence, offer a potential route for smart algos to identify new trading patterns and can also be used to discover new patterns of market abuse.
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  • Columbia University Professor Analyzes HFT
    By Ivy Schmerken | March 22, 2013
    Based on what it calls 'the first meta-analysis of HFT,' Columbia Business School Professor Charles Jones finds that high frequency trading benefits liquidity and lowers trading costs, echoing other academic studies.
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  • HFT Has Run Its Course In The U.S. Equity Market
    By Matt Samelson | March 22, 2013
    High-frequency trading has blown through the business life cycle stages in five short years and is already on the decline.
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  • New Columbia Business School HFT Paper Is Disappointing
    By Sal Arnuk, Joe Saluzzi | March 21, 2013
    The study by Charles Jones cite the usual benefits of HFT: enhanced liquidity and more efficient markets. But what about the conflicts of interest and order types designed specifically for the benefit of high frequency players?
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  • HFT: A Clear and Present Danger?
    By John Bates | March 21, 2013
    In January 2013, Congressman Edward J Markey declared that HFT represents a clear and present danger and should be curtailed immediately. Is he right?
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  • The CFTC Looks at HFT and Wash Trades, But Can They Prove It?
    By Ivy Schmerken | March 18, 2013
    Regulators worry that high speed trading firms that act as both buyer and seller in the same transaction, known as wash trades, could be inflating the volume and distorting prices, reported The Wall Street Journal and CNBC.
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  • HFT Profits Shrinking? The Data Doesn't Lie
    By Greg MacSweeney | March 18, 2013
    Whether high-frequency trading is good for investors or bad, one fact that no one disputes is the drastic drop in HFT profits.
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  • U.S. State Regulators Urge Congress to Probe High-Frequency Trading
    By Reuters | March 05, 2013
    U.S. state securities regulators on Tuesday urged Congress to investigate the practice of using powerful computers to trade rapidly large volumes of securities.

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  • Data Opportunities: The Concepts Don't Change Over Time
    By Matt Samelson | March 04, 2013
    Data volumes are growing and the technology is better, but the fundamental principles of data analysis remain the same.
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  • HFT Demise as the Precursor to Changes in the Markets Landscape
    By Dmitry Stillermann, Vice President, Capital Markets, DataArt | February 26, 2013
    As new marketplaces and business models emerge, the industry should be prepared for an entirely new wave of custom IT systems and applications.
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  • Down Mexico Way
    By George Kledaras | February 26, 2013
    Market structure in Mexico leads the way for Latin American electronic trading with some serious new infrastructure and support for local institutional trading and north to south flow from statistical arbitrage.
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  • Themis Trading's 2013 U.S. Market Structure Predictions
    By Sal Arnuk and Joe Saluzzi | January 03, 2013
    From a high-frequency trading firm taking out a Super Bowl ad, to new HFT legislation that includes a transaction tax, Themis offers 10 predictions for the U.S. markets in 2013.
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  • Progress Software Predicts PR Offensive By HFTs in 2013
    By Justin Grant | December 07, 2012
    The firm also predicts London will become a hot market for investors looking to escape tight regulations, and that algorithmic "hall monitors" will be a force.
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  • HFT Critics Call CFTC Economist's Study "Groundbreaking"
    By | December 06, 2012
    "Something should strike you that this paper is unique when it comes to academic literature on HFT," Themis Trading's partners say.
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  • Getco, Virtu Make Rival Bids for Knight Capital-Sources
    By Reuters | November 28, 2012
    Trading firm Getco Holding Co said it offered to take control of Knight Capital Group Inc in a deal that values the electronic trading firm at $3.50 a share, sending Knight shares up 15 percent in early trading Wednesday.

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