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The Speed Traders: An InsiderS Look At
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七日畅销榜
新书热卖榜High speed traders reacted instantly to Fed
By Maureen Farrell &
Stocks spiked instantaneously after the Federal Reserve said it would not cut back on its bond buying program.
NEW YORK (CNNMoney)
The market erupted Wednesday afternoon immediately after the shocking "" news from the Federal Reserve. The reaction was so fast, it left many people wondering how any human could have read and comprehended the Fed statement that quickly.
Even though the Fed waited until the third paragraph to say that it was not yet ready to scale back its bond buying program, stocks surged on a big spike in volume within microseconds, or one thousandth of a second of the release.
Eric Hunsader, founder of the market research firm Nanex, said he's never seen traders react as quickly to an economic announcement.
Such is the effect of so-called high speed trading, where computers can be programmed to unleash millions of trades per milliseconds. Algorithms can react before any human could possibly digest information, much less trade on it.
Now if you are an investor that's in stocks for the long haul, you don't have much to complain about. Your 401(k) likely rose in value on Wednesday. But if you are a trader trying to time sudden turns in the market, it's hard to beat the machines.
A gold leak? Traders in the gold market were also looking at odd spikes in the price of electronically traded futures in the minutes leading up to the Fed announcement.
On an otherwise extremely light day of gold trading, the price of gold futures jumped roughly $8 at 1:57:30 to $1,318 an ounce, according to Nanex data. Volume popped as well.
And anyone that moved into gold before the Fed announcement was rewarded handsomely. After the 'no taper" news,
continued to soar, moving above $1360.
The fact that some traders were willing to bet on gold before the Fed was a bit curious. After all, gold has been a losing trade for most of 2013. Prices were down more than 20% this year leading up to the Fed news. And that's because many investors felt the Fed would taper in September. That would be bad for gold., which had been a big beneficiary of the Fed's bond buying up until a few months ago.
"The simplest explanation seems to be that the information was leaked to significant players and entities, and they were able to get out in front of everyone else," said Scott Carter, CEO of Lear Capital, a precious metals trading firm.
The SEC declined to comment on whether they are looking into trading before and after the Fed announcement.
A spokesperson for the Commodities Futures Trading Commission, which oversees trading in commodities, said that the agency routinely reviews big trades and will likely do so in this instance.
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<span stream="last_.66Nurses vs. High-Speed Traders
by SARAH ANDERSON
Of all the street actions leading up to the NATO summit, the one that might seem most perplexing is a nurses’ rally for a tax on securities trades. Financial markets are pretty remote from hospital bedsides, you might think.
Why would nurses get mixed up in an issue like that?
RoseAnn DeMoro, executive director of National Nurses United, says there’s a simple explanation: “The big banks, investment firms and other financial institutions, which ruined the economy with trillion-dollar trades on people’s homes and pensions and similar reckless gambling, should pay for the recovery.”
Nurses have been on the front lines of the crisis, seeing firsthand the health impacts of skyrocketing poverty and record high rates of uninsured Americans.
Their specific tax proposal: a small fee on each trade of stocks, derivatives and other financial instruments. Even at a rate of 0.5 percent or less, such taxes could generate massive revenues to pay for things ordinary people in Chicago and elsewhere urgently need, such as affordable health care and decent schools.
Endorsers of their Friday rally in Daley Center Plaza include 100 union, environmental, and global health groups.
What these groups see as a practical way to meet society’s basic needs is unlikely to be embraced by Chicago’s trading industry, however. The city has become a Mecca for “high-frequency traders.”
These firms’ computers make thousands of trades per second to exploit fleeting stock price discrepancies.
Because what the nurses are calling a “Robin Hood tax” would apply to each trade, high-frequency traders would be hardest hit. For long-term investors, the cost would be negligible.
One firm with a lot to lose is Citadel. The hedge fund has claimed to account for as much as 10 percent of global equities trading in a single day. Their annual profits from speed strategies have been as much as $1 billion.
Dozens of small high-frequency trading houses have also popped up around the Chicago Mercantile Exchange. Thirty of 35 members of the industry’s national lobby, the Principal Traders Group, are based in the Chicago area.
An example is Infinium Capital, a firm notorious for rocking world oil prices by sending thousands of erroneous buy orders to oil markets in a few seconds. It was fined $850,000.
Like many in its industry, Infinium can run circles around ordinary investors because its computers are located next to exchange servers. Those on the same floor as the Merc’s servers can transmit up to 5,000 orders per second with less than 10 milliseconds of lag time.
As support for the Robin Hood tax gains momentum, lobbyists for the trading houses will surely turn their sights on it. The Financial Services Forum has already urged the Obama administration to block such taxes, not just in the United States, but also in Europe.
One of the speed traders’ arguments is that such taxes would make it hard for them to provide the liquidity that oils our nation’s financial machine. But many traditional investors point out that during crises, speed traders drain liquidity just when it’s needed most.
They’re also concerned that the lightning-speed computers could go haywire and trigger another crash.
Nurses vs. high-speed traders. Now there’s a match-up you probably never thought you’d see playing out in the streets of Chicago.
Sarah Anderson directs the Global Economy Project of t.
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Subscription and merchandise fulfillmentThe 25 most popular stocks for high-frequency traders
CNBC&#039;s Jeff Cox discusses the most popular stocks for high-frequency traders.
High-frequency traders like their targets big, with share prices cheap (but not too cheap) and with a fairly low level of volatility.
That's according to a study published Tuesday on Investopedia, which charted 24 companies that meet metrics HFT firms have favored historically. The study, authored by Elvis Picardo, portfolio manager at Global Securities in Canada, utilizes trading data and a 2009 study from Woodbine Associates that also helped identify what high-speed participants look for in a company.
HFT firms use algorithms to capitalize on often-tiny moves in stock prices. They see to beat other traders to the punch, finding inefficiencies in prices that lead to big gains.
Contrary to some belief, HFT traders are different from their counterparts on the momentum who look for lightly traded shares that can move quickly. HFT programs in fact require high volumes in order to executive the volume needed to generate profits.
Picardo used three criteria to determine stocks that best fit the bill: price below $50, low volatility (beta values below 1.5) and market capitalization of at least $50 billion.
Favorite stocks for high-speed traders
Bank of America
Ford Motor
Cisco Systems
Morgan Stanley
Hewlett-Packard
General Motors
Investopedia
Some of the stocks not included:
and , because they're too expensive.
Also, you won't see
on the list, either. They're for the momentum players, who have gotten burned this year chasing the high-flyers.
For the full list, .
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