Both SEC And FINRA Admit That The Market Is Rigged (And They Are Powerless To Fix It)
by Tyler Durden
ZeroHedge.com
03/28/2015
“When an HFT that is not a member of an association executes an off-exchange trade, the HFT’s identity is usually not reported to the Financial Industry Regulatory Authority, or FINRA, which is the only association currently in existence. This frustrates FINRA’s surveillance efforts as it cannot quickly link trades to the HFTs responsible for them. This is a serious problem because, according to FINRA’s current Chairman, certain market participants disperse their trading activity across multiple markets in an attempt to hide various forms of market abuse, including layering, spoofing, algorithm gaming, and wash sales.”
– SEC Commissioner Luis Aguilar.
The Rest…HERE
