Here is some fluff for the retail investors. Written by SunGuard and spell checked by Crazy Eyes, herein lies a white paper laced with broad strokes. SunGuard attempts to lay the ground work for effective market abuse surveillance but falls short in glorious fashion, managing to fill 11 pages with glowing praise to the almighty Regulators (I had to link that) and statements just blatantly false like "Key policies such as the Dodd-Frank Act in the US, MiFID and the Market Abuse Directive in Europe, and ASIC Market Integrity Rules and the Corporations Act in Australia are clear steps in an attempt to stop or at least impede insider trading and market abuse". Key policies? Like those policies that limit the amount of detail the SEC is able to release regarding May 6th, 2010 or the key policy of Reg-NMS? While we are on it, SunGuard mentions the "unprecedented zeal" in which regulators are approaching market policing. We'll just let you read what hard working US regulators choose to skip here.
Speaking on regulatory challenges the paper invokes the typical garbble about insider trading and fines. It's not the result we seek, it's the substance, what drives the behavior. MF Global taught those who still weren't aware that the law doesn't protect from things that will happen, it only helps after the fact, sometimes. So this whole jail and fine BS is nothing to be proud of, we ought to make it impossible to pull off. I don't care if you bust Madoff and fine someone $100 QuadraEuropeanillion dollars, if you ignore the basic rules and structural make up of the market you have fallen short. Come on man, 10 Downing Street is listening and we still parade around bitching over Happy Holiday's or Merry Christmas. It's pathetic. Set a rule we can all live with. Not all HFT is bad but the ones we highlight are ruining it for everyone. It's not a game, it's real life. If we enable the destruction of this process we all lose. Would you rather go out and forage daily for your food, or kill your neighbor for some shelter? This could be another HFT hit piece given how weak its substance is for the hype they gave it. You never know. Sungard HFT White Paper
Speaking on regulatory challenges the paper invokes the typical garbble about insider trading and fines. It's not the result we seek, it's the substance, what drives the behavior. MF Global taught those who still weren't aware that the law doesn't protect from things that will happen, it only helps after the fact, sometimes. So this whole jail and fine BS is nothing to be proud of, we ought to make it impossible to pull off. I don't care if you bust Madoff and fine someone $100 QuadraEuropeanillion dollars, if you ignore the basic rules and structural make up of the market you have fallen short. Come on man, 10 Downing Street is listening and we still parade around bitching over Happy Holiday's or Merry Christmas. It's pathetic. Set a rule we can all live with. Not all HFT is bad but the ones we highlight are ruining it for everyone. It's not a game, it's real life. If we enable the destruction of this process we all lose. Would you rather go out and forage daily for your food, or kill your neighbor for some shelter? This could be another HFT hit piece given how weak its substance is for the hype they gave it. You never know. Sungard HFT White Paper
