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TOPIC: Episode 23 - Eric Hunsader

Episode 23 - Eric Hunsader 3 months 2 days ago #1

  • amkc
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It was really inspiring to hear Eric's story and gives me some hope that good guys can still win - even in this perverse, centrally-banked world. Hopefully IEX and Nanex are successful and one day we'll look back and see that they made markets better for all. Personally, I don't have much exposure to HFT but I think it would be imprudent for us macro guys to ignore the market microstructure. At the end of the day, if we don't have functioning and "fair" markets, it won't matter if we're right.
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Episode 23 - Eric Hunsader 3 months 8 hours ago #2

  • c8kuMacro
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It was kind of interesting to hear, near the end of the interview, the idea that if IEX was a hit and attracted a lot of business the perception was that other firms who are employing HFT and other front running tactics would employ their own speed bumps. It was interesting because it shows the emergent nature of free markets. Market participants are always looking for a way to win. Part of free markets is the free flow of information within the marketplace. With those two in place maybe we are seeing the natural ebb an flow of markets happening in this example.... be it with some distortion from entrenched big money players and lobbyists.
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Episode 23 - Eric Hunsader 3 months 5 hours ago #3

  • tankumo
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You know, we will always lose, the big boys will always win.

Just look at the Clintons, they can do whatever they want and escape indictment.
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Episode 23 - Eric Hunsader 3 months ago #4

  • ErikTownsend
    Erik Townsend
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For the record, we would welcome CREDIBLE counter-arguments to the story Eric Hunsader tells.

Eric says that all the exchanges CONTINUE TO THIS DAY to break the law and sell faster data feeds to HFTs, allowing them to front-run the SIP feed. That's a pretty bold accusation, especially considering they paid him a $750k whistleblower award for proving that NYSE was doing it, and Eric claims that even as he was collecting his award, he told SEC he would have done it for free if they would only have LISTENED to him initially.

So now he says that despite the $5mm fine, ALL the exchanges CONTINUE TO THIS DAY to break the very law that he was awarded a whistleblower award for exposing them as having violated back in 2010. That's just damning stuff - bordering on unbelievable. But frankly, he was right the first time and I've yet to hear a clear, concise argument explaining why he's wrong.

We were promptly ATTACKED on Twitter when this episode aired by someone claiming that both Eric and I were totally lacking credibility. How interesting that these attacks came from a Twitter user called "Mr. Anonymous" who is hiding behind a screen name.

Our greatest value at MacroVoices is to bring you the TRUTH. Eric Hunsader's story is shocking to say the very least, and his allegation that ALL the exchanges continue to this day to make a mockery of the law is definitely a very bold accusation. We'll be happy to interview a CREDIBLE expert (who goes my their real name, not hiding behind a pseudonym) who can explain why Mr. Hunsader is wrong.

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Episode 23 - Eric Hunsader 2 months 4 weeks ago #5

  • kaveh
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I wouldn't bet on it. IEX was a dark pool. Dark pools, run mostly by investment banks operate with little transparency.
A dark pool is someway similar to SelectNet exchange, just terrible!
Always use a limit order, if you don't want people to mess around with your order. Your broker is your worst enemy. He's not your friend. I would worry about my broker before anything else.
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MACRO VOICES is presented for informational and entertainment purposes only. The information presented in MACRO VOICES should NOT be construed as investment advice. Always consult a licensed investment professional before making important investment decisions. The opinions expressed on MACRO VOICES are those of the participants. MACRO VOICES, its producers, and hosts Erik Townsend and Nathan Egger shall NOT be liable for losses resulting from investment decisions based on information or viewpoints presented on MACRO VOICES.

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