exchanges had all ceased offering its Competition for Price Improvement functionality (widely referred to as "flash technology/trading. HFT firms characterize their business as "Market making a set of high-frequency trading strategies that involve placing a limit order to sell (or offer) or a buy limit order (or bid) in order to earn the bid-ask spread. A few names from the industry (in no particular order) are Automated Trading Desk ( ATD Chopper Trading, DRW Holdings LLC, Tradebot Systems Inc., KCG Holdings Inc. "Weil on Finance: FBI Hops on Michael Lewis Bandwagon".
High-frequency trading has been the subject of intense public focus and debate since the May 6, 2010 Flash Crash.
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High frequency trading strategy
"Getco Slapped With 450k Fine For Weak HFT Oversight". "High-Frequency Trading Firm Latour to Pay 16 Million SEC Penalty". Market makers that stand ready to buy and sell stocks listed on an exchange, such as the New York Stock Exchange, are called "third market makers." Many OTC stocks have more than one market-maker. An anti-HFT firm called nanex claimed that right after the Federal Reserve announced its newest decision, trades were registered in the Chicago futures market within two milliseconds. 113 In October 2014, Panther's sole owner Michael Coscia was charged with six counts of commodities fraud and six counts of "spoofing". These transactions are carried out by high speed computers using algorithms. "High-Frequency Trader Indicted for Manipulating Commodities Futures Markets in First Federal Prosecution for Spoofing". 16, May 13, 2013; via ssrn. "Lone.1 Billion Sale Led to 'Flash Crash' in May". Citation needed Typically, ulldma systems can currently handle high amounts of volume and boast round-trip order execution speeds (from hitting "transmit order" to receiving an acknowledgment) of 10 milliseconds or less.