We live in a time where so many have been extracting hidden profits without any scrutiny, scruples or penalty via unfair advantage and opaque business models designed to dupe others, that it has literally become the systemic norm, with many actors unable to even recognize or admit what is unethical or wrong with their actions. They are indignant at being questioned.
Brad Katsuyama,IEX; William O’Brien, BATS Global Markets president, “Flash Boys” author Michael Lewis; and CNBC’s Bob Pisani, debate high-frequency trading and the perceived unfairness in the public exchanges. Here is a direct video link.
BREAKING NEWS APRIL 3, 2014: NY Attorney General forces BATS President to correct erroneous representations made on CNBC:
“BATS Global Markets Inc., under pressure from the New York Attorney General’s office, corrected statements made by a senior executive during a televised interview this week about how its exchanges work.
BATS President William O’Brien, during a CNBC interview Tuesday, said BATS’s Direct Edge exchanges use high-speed data feeds to price stock trades. Thursday, the exchange operator said two of its exchanges, EDGA and EGX, use a slower feed, known as the Securities Information Processor, to price trades.
The distinction matters because high-speed traders can use powerful computers and superfast links between markets to outpace traders and trading venues that rely on slower market data, such as the SIP.”
No wonder he was so hot headed and angry in his exchange with Brad and Michael in the CNBC clip. He was called out in a lie on national television…
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