Market Structure Matters.™

Market Structure Intelligence

Our market structure advocacy efforts are focused on eliminating the adverse impact of predatory high frequency trading (HFT) upon the US equities marketplace.

US Market Structure Reform

A number of key documents follow that provide realistic suggestions for improving US stock market structure. Feel free to contact us with link suggestions.


The Trouble with Small Tick Sizes

David Wield's provocative proposal to permit variable tick sizes tuned to liquidity profile. Sep 2012.

link: The Trouble with Small Tick Sizes


Senator Kaufman's 8/5/10 letter to the SEC

Kaufman's nine point plan sets the standard for a realistic path for US stock market structure reform. Aug 2010.

link: Senator Kaufman's 8/5/10 letter to the SEC

US Market Structure Debate

A number of key papers follow on the impact of high frequency trading (HFT) on US market structure, most of which are responses to the market structure reform debate that has arisen in the wake of the Flash Crash. Feel free to contact us with link suggestions.


The Foresight Report: The Future of Computerized Trading in Financial Markets

Funded by the UK government, the Foresight report was highly criticized for its pro-HFT bias. Oct 2012.

link: The Foresight Report: The Future of Computerized Trading in Financial Markets


HFT & the Flash Crash

Excellent report by Kirilenko et al. analyzing data submitted to the CFTC. May 2011.

link: The Flash Crash: The Impact of High Frequency Trading on an Electronic Market


HFT Research Report: Deutsche Bank

Deutsche Bank research report evaluating positive effect of HFT upon the marketplace. Mar 2011.

link: Deutsche Bank Research: High Frequency Trading: Better than its Reputation?


Regulatory Response to the Flash Crash

Summary Report of the Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues. Feb 2011.

link: Recommendations Regarding Regulatory Responses To The Market Events of May 6, 2010


Regulatory Oversight of HFT

Brattle Group briefing on regulatory issues with regard to HFT. 2011.

link: Trading at the Speed of Light


Regulation of Disruptive Trading Practices

CFTC fact sheets and comments related to satisfaction of the Dodd-Frank act with regard to disruptive trading practices. 2010-2011.

link: Dodd-Frank Act: Disruptive Trading Practices


HFT Research Report: RGM Advisors

RGM Advisors research report evaluating positive effect of HFT upon the marketplace. Oct 2010.

link: Market Efficiency and Microstructure Evolution in US Equity Markets: A High Frequency Perspective


HFT and Market Quality

Study by Brogaard detailing positive aspects of HFT. Jul 2010.

link: High Frequency Trading and its Impact of Market Quality


Impact of HFT on the Market

Bold submission by Narang to the SEC that maps out the universe of HFT trading strategies. Apr 2010.

link: Tradeworx, Inc. Public Commentary on SEC Market Structure Concept Release


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