Andresen, Matthew, Trends in Trading, slides, go to sifma here and click on the first link to download the pdf. Looks like the same slides as rolled at the 2012 Princeton Quant Conference. As we noted previously, the Princeton talk was pretty good, so we want some more.
C-Span, Electronic Communication Networks Dec 2001, here. 2+ hours including Andresen as Island ECN CEO.
Witnesses testified about the infrastructure of U.S. electronic communications networks, electronic trading, and the stability of U.S. stock markets.
DocStoc, THE SEC’S MARKET STRUCTURE PROPOSAL: House Congressional Hearing, 109th Congress, 2005-2006, here. Andresen starts pg. 16.
Zerohedge, Lime Brokerage: “The Next ‘Long Term Capital’ Meltdown Will Happen In A Five-Minute Time Period.” here. Durden hates this all with the heat of 10,000 Suns but nonetheless seems capable of finding background links ( although some are now defunct, Durden is generally pretty good at coming up with references).
A recent Bloomberg piece that for some reason was made available only to terminal subscribers, provides a very interesting discussion on the dangers of sponsored access, how the associated pre-trade vs post-trade monitoring deliberations by “regulators” will influence short selling curbs, and not surprisingly, the desire by Goldman to not only dominate this yet another aspect of high-frequency trading, but to dictate market policy at will.
What is sponsored access:
In sponsored access, a broker-dealer lends its market participation identification (MPID) number to clients for them to trade on exchanges without going through the broker’s trading system, to avoid slowing down the execution. That places responsibility on the broker-dealer to make sure the participant abides by securities regulations, and that its trading, which can involve hundreds or thousands of orders a second, does not run amok.