On June 5, Mary Jo White, Chair of the U.S. Securities and Exchange Commission, sketched some proposed changes to regulate high-frequency trading (HFT). Her full speech is available from the SEC website. Some analysis can be read in the New York Times and Bloomberg News.
Synopsis of White’s comments
White surprised many observers by stating that investors are doing better in the algorithmic trading regime today than they did in the “old manual markets.” She noted that for institutional investors, the cost of executing a large order is roughly 10% lower than in 2006, and the spreads between bid and
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