60 minutes stock trading computers
Floor of the New York Stock Exchange as Featured in 60 Minutes Report on High Frequency Trading. Two of the chief culprits of aiding and abetting high frequency traders, the New York Stock Exchange and the Nasdaq stock exchange, failed to come under scrutiny in the much heralded 60 Minutes broadcast on how the stock market is rigged.
Kroft says to Lewis: The United States stock market, the most iconic market in global capitalism is rigged. This is where you need to pay close attention. That ceased to be the center of U.
60 Minutes Sanitizes Its Report on High Frequency Trading
That statement stands in stark contrast to the harsh reality that the New York Stock Exchange is one of the key facilitators of high frequency trading and making big bucks at it. The Securities and Exchange Commission knows full well this is going on. Just this past December 24, the SEC filed this rule change in the Federal Register , announcing that the New York Stock Exchange was changing its pricing for some of its co-location services and computer cabinets for outside users.
A Cabinet Upgrade would be required when power allocation demands exceed 11 kWs. The Federal Register notice also shines light on some pricing comparisons between what the NYSE is offering high frequency traders versus the Nasdaq stock market, writing: Congress is equally aware of what is going on.
Michael Lewis On '60 Minutes' Says Stock Market Is Rigged | HuffPost
As far back as October 28, , the U. Senate Banking committee took testimony from Larry Leibowitz, head of technology at the NYSE on the fact that it was offering co-location to outside trading firms.
Another opportunity emerges in the 60 Minutes broadcast for Kroft to call out the New York Stock Exchange or Nasdaq for their practices. What is also preposterous about this 60 Minutes segment is that it deals exclusively with gaming the system through miles of fiber optic cable.
That is so yesterday, according to the Futures Industry magazine.
Flash Boys: Former RBC trader hero of Michael Lewis’s new book on how U.S. stock markets are rigged | Financial Post
Such are the potential competitive advantages, however, that many projects are pursued behind a veil of silence. The article noted that San Diego-based NexxCom Wireless was building a millimeter wave network between New York, London and Frankfurt and considering connections to Zurich and Milan with the potential to add Stockholm and Moscow.
Within less than 24 hours of the big splash made by the 60 Minutes broadcast, the Wall Street Journal reported that the FBI was all over the problem and had been for a year. The question, of course, is — will anyone ever acknowledge the key role being played by the New York Stock Exchange and Nasdaq.
What’s the big deal about Michael Lewis and high-frequency trading? | PBS NewsHour
BATS in the Belfry: April 1, Floor of the New York Stock Exchange as Featured in 60 Minutes Report on High Frequency Trading. Dow Jones Industrial Average Intraday Trading Levels and Breaking Market News. Free Wall Street On Parade Emailed News Alerts Leave Blank: