Miller, Dark Pools for the Security Trading: Policy Questions and you can Current Developments, i (), offered at

Sal Arnuk and Joseph Saluzzi, Damaged Areas: How High frequency Change and Predatory Practices on the Wall structure Roadway Is actually Ruining Investor Trust and your Portfolio, 219 (2012).

Thomas Peterffy, President and you can Ceo away from Entertaining Agents Class, Statements Until the 2010 General Set-up around the world Federation away from Transfers, 1 (), offered by

Michael Lewis, Thumb Guys, 40 (2014); pick together with Max Ehrenfreund, A seasoned programmer demonstrates to you how inventory )(quoting Eric Scott Hunsader, creator out of Nanex, given that claiming “[s]o when Michael Lewis utilized the word ‘rigged,’ he is best. [The stock market is actually] rigged . . . .”), available at

Thomas Peterffy, Chairman and you will President regarding Entertaining Brokers Group, Statements Until the 2010 General Set up worldwide Federation out of Transfers, 2 (), offered by

Charles Schwab and you may Walt Bettinger, Schwab Report toward Large-Volume Exchange (), offered by however, get a hold of Kathleen Pender, Charles Schwab Ceo clarifies higher-frequency trading re also) (noting you to definitely Walt Bettinger, Ceo out-of Charles Schwab, later asserted that « practical anybody produces voice arguments on the both sides of your own items doing large-frequency change. »), available at

BlackRock, You Security ) (detailing you to definitely, “if you find yourself traders keeps benefitted from [guidelines like Reg NMS], it is quite important to realize that these laws and regulations features fostered a complex and you may extremely fragmented industry where change buy circulate need navigate 13 transfers, 40+ black swimming pools, and you will a number of Electronic Communication Communities (ECNs). . . . , [t]the guy capacity to lay commands in every locations happens at the good costs . . . .”), offered by

S. Equities Business Slammed when you look at the SEC Panels, BloombergBusiness ()(quoting Matt Schrecengost, master performing administrator at Dive Trading LLC, a proprietary trading corporation for the il, due to the fact stating “[t]he You.S. equities marketplace is therefore complex typically that if you place into the the right position instance [the latest Can get 6 flash freeze] brand new difficulty becomes misunderstandings”), offered by

Nina Mehta, Fragmentation out-of You

“The definition of ‘dark pools’ fundamentally relates to electronic stock trading programs in which pre-trade bids and will be offering aren’t blogged and you will speed facts about the fresh trading is produced social following exchange could have been executed.” Gary Smaller and you can Rena S.

“Brokers taste sales once they route its clients’ valuable sales so you’re able to traders in return for various financial and you can nonpecuniary costs getting acquisition disperse.” Larry Harris, Trade and you can Exchanges: ).

“After you set an order to find or sell an inventory, their agent features selection towards where to do the order. Unlike routing the order to market otherwise industry-companies to own performance, your own representative can get complete the transaction from the firm’s very own collection. That is titled ‘internalization.' » U.S. Securities and you can Change Fee, Fast Responses, available at

Select, age.g., Daniel Weaver, The latest Trading-From the Rule, Internalization, and you may )(searching for “solid assistance towards the lifetime off a terrible kupón yubo dating amongst the amount of internalization and you will field top quality,” and you may concluding you to definitely “buyers [are] spending $step three,890,624 alot more each stock annually due to internalization.”), offered at

Offer Log, NYSE Chief executive officer: Knight Funding Another reason to possess Reform ()(speaking on aftermath of your Knight Funding debacle), offered by

Within the creator-taker prices model, brand new investors whose orders “make” or furnish exchangeability so you can an investments venue by posting brand new offers or also provides located a discount, whereas dealers which “take” or remove liquidity because of the hitting an existing bid or lifting an current bring pay a rob fee. See Stanislav Dolgopolov, The producer-Taker Costs Design as well as Affect Ties Business Construction, 8 Va. L. Bus. Rev. 234-35 (), available at

“In order to notice requests out-of brokers, specific exchanges otherwise field-providers will pay the broker’s firm getting navigation the order so you can him or her . . . . This will be titled ‘percentage getting acquisition disperse.' » U.S. Ties and you may Exchange Payment, Prompt Answers, available at