The markets don't belong only to people like Mr. Joyce; they should and must belong as well to individual investors. Congress and the regulators must recognize that action is long overdue.
Our stock markets have been hijacked and are coming apart, unsafe at any speed for any investor. That's the message that the $440 million scandal at Knight Capital Group is telling us.
They want to think that machines are biddable and programs run smoothly. But with traders and market makers creating and deploying new systems and algorithms constantly, the danger of something going wrong is inevitable.
The U.S. markets are on the edge of chaos right now. We've been seduced by the technological beauty of these intricately interwoven systems but are now being betrayed by the chaos and non-linearity of their interactions with each other.
Let us be aware that we are the limiting factor, and the more we blindly rely on technology without any sense of human need and limitation, the more it will run amok.
You might think the experience of pulling Knight Capital out of the flaming wreckage of its high-speed trading crash might make Wall Street finally see the need for regulation of high-speed trading. You would of course be dead wrong.
Aug 3 (Reuters) - Knight Capital Group Inc has told brokers that it has obtained a line of credit, which will allow it to operate for the day, the W...
Thing One: The Never-Ending Knightmare: Knight Capital, the firm that lost $440 million from mistaken trades earlier this week, is learning the value ...
Maybe this is the fastest way to get high-frequency trading robots to stop ruining our stock market: Have them destroy each and every trading company that operates them.