Registered: Jan 2008
08-03-12 12:28 AM
If the SEC was really serious about protecting the market from HFTs they only need do one simple thing; make the minimum tick for all stocks a penny. Today I tried to pay 97.61 for a measly 1000 shares of GS, and got a 97.60999 fill. Some frigging exchange/ECN will call that 'price improvement'. Really?
Penny minimum ticks would not require any lengthy comment period, no hard to understand rules or bloated monitoring systems would be needed, and HFT vanishes immediately. Unfortunately the SEC hasn't done a simple, smart, proactive thing in 70 years.