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Joined: December 11th, 2012

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Haim Bodek wrote a new blog post titled Why HFTs Have an Advantage, Part 4: Winner Take All -- The DAY ISO

This article is part of a series that was originally published on the Tabb Forum at http://tabbforum.com/opinions/why-hfts-have-an-advantage-part-4-winner-take-all-the-day-iso and is reproduced here with the author's permission.   Perhaps the most powerful order type in the HFT arsenal, the DAY ISO is the only order type that can light a new aggressive price on an exchange that locks an away market, providing an end-around to Rule 610 and the ban on locked markets and providing HFTs a backdoor to the top of the queue. Rule 611 of Regulation NMS, also known as the...
(457 days ago,(2013/01/23))

Haim Bodek wrote a new blog post titled Why HFTs Have an Advantage, Part 3: Intermarket Sweep Orders

This article is part of a series that was originally published on the Tabb Forum at http://tabbforum.com/opinions/why-hfts-have-an-advantage-part-3-intermarket-sweep-orders and is reproduced here with the author's permission.   Though ISOs were meant for large institutions sweeping through the book, an unanticipated consequence has been that HFTs leverage the order type to get ahead of slow SIP data feeds on price moves. Brokers that don’t use ISOs in fast market conditions disadvantage their clients and subsidize the profits of HFTs. Part 3:...
(472 days ago,(2013/01/08))

Haim Bodek wrote a new blog post titled Locked Markets, Priority and Why HFTs Have an Advantage: Part 2: Hide & Light

This article is part of a series that was originally published on the Tabb Forum at http://tabbforum.com/opinions/locked-markets-priority-and-why-hfts-have-an-advantage-part-2-hide-and-light and is reproduced here with the author's permission. Part 2: Hide & Light As high-frequency trading (HFT) scalping strategies began employing “spam and cancel” strategies that dominated top-of-book trading activity (see: Locked Markets, Priority and Why HFTs Have an Advantage -- Part I: Spam and Cancel), exchanges realized that they could generate vast...
(492 days ago,(2012/12/19))

About me:

Managing Principal at Decimus Capital Markets, LLC