The Father Of High Speed Trading Speaks: “The Market We Created Is A Casino; A Complete Mess; A Rigged Game”
by Tyler Durden
ZeroHedge.com
04/07/2014
“I must confess to you that I was an ardent proponent of bringing technology to trading and brokerage. Unfortunately, I only saw the good sides. I saw how electronic trading and record-keeping could be used to force people to be more honest, to make the process more efficient, to lower transaction costs and to bring liquidity to the markets. I did not see the forces of fragmentation and the opportunity for people to use technology to keep to the letter but avoid the spirit of the rules — creating the current crisis…. Technology, market structure, and new products have evolved more quickly than our capacity to understand or control them. … To the public the financial markets may increasingly seem like a casino, except that the casino is more transparent and simpler to understand…. The result has been a series of crises over the past few years that have caused many investors to lose confidence or to think that the whole system is a rigged game.”
The Rest…HERE
