21 August 2017
Neil Crammond

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Neil Crammond - trader

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HAS HIGH SPEED PINGING FINALLY BEEN CAPTURED ?

19 February 2015  |  5255 views  |  0

 HAS HIGH SPEED PINGING FINALLY FOUND A CATEGORY IN MARKET ABUSE ?

HFT has tip toed through the market abuse field for years BUT now looks finally to have been captured . Under the COMMODITY EXCHANGE ACT (ECA) and the prohobition of spoofing ; "bidding or offering wth the intent to cancel before execution " has placed their 90% cancellation rate into illegal terrority . The law states that only a single bid or offer are needed as evidence of manipulation ; this therefore destroys their abilities to "sonically ping ' and find the large whale orders in the market place . High speed pinging will now fall into the same manipulation category as Spoofing ; washing ; flipping or banging the close . The exchanges now have to ask whether their market makers fall into this field and perhaps may have to re address their liquidity . High speed pinging has been a curse for retail traders as they are spoofed to show their hand by manipulative or deceptive devices ; finally regulators areaware that market manipulationisan ever present danger in derivatives markets and the intergrity must be preserved . I believe this is the start of putting apoliceman on the beat and beginning of real time regulation ; hopefully too a ending of a ugly disruptive pratice . High speed pinging R.I.P .

 

TagsTrade executionRisk & regulation

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