Mid day today HSBC Preferred shares took an onslaught from the HFT crowd. The goal? To use illiquid shares in an effort to beef up exchange quote quotas at the NBBO. For more on HFT, listen to this.
First, the image from HFT Alert (212,487 Quotes and NO TRADES):
Then the quote fluttering table from HFT Alert Pro (notice at 12:20:38 14K quotes fluttered on the right table and 12:20:40 30K quote bursts registered on the left):
And from NANEX (h/t @BadAlgo):
For more on Preferred share bad algo attacks, refer to this page from Nanex
675 Millisecond view:
225 Millisecond view:
75 Millisecond view:
Themis Trading has tried to warn about this many times, they have their own trove of resources too.
First, the image from HFT Alert (212,487 Quotes and NO TRADES):
Then the quote fluttering table from HFT Alert Pro (notice at 12:20:38 14K quotes fluttered on the right table and 12:20:40 30K quote bursts registered on the left):
And from NANEX (h/t @BadAlgo):
For more on Preferred share bad algo attacks, refer to this page from Nanex
675 Millisecond view:
225 Millisecond view:
75 Millisecond view:
Themis Trading has tried to warn about this many times, they have their own trove of resources too.