Friday, 22 May 2015
Last updated 2 hours ago
Sep 15 2010 | 2:45am ET
The U.S. hedge fund lobby has weighed in against new rules that would impose market-maker requirements on high-frequency traders.
The Managed Funds Association warned that the proposal to force computerized traders and others with the “best access” to markets to trade during periods of market volatility would have the opposite effect to that intended: making markets more liquid. Some have suggested that high-frequency traders made May 6’s market plunge worse by pulling out of the markets.
“We respectfully urge that you proceed cautiously and introduce changes that are supported by empirical data,” Stuart Kaswell, general counsel of the MFA, wrote to the Securities and Exchange Commission and Commodity Futures Trading Commission. “Changes not supported by empirical data and directed at preventing rare market dislocations, could further harm investors.”
The group also warned the SEC against new rules designed to prevent high-frequency traders from manipulating the markets.
“Proposals to expand the use of speed bumps, delay trading or set maximum execution speeds would cause greater harm to investors by increasing trading and execution costs,” Kaswell wrote.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…