Man vs. Machine
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There's a whole new universe of new places to trade and new players doing the trading. How has it changed, and why? What does it mean for you?
Features
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It's a brave new world of securities trading and new worries for the public.
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There are nearly 50 trading venues. Customers can interact in all of them--making today's trading so complicated.
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How does an order flow? How does it actually execute? Who facilitates the trade?
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Ah, the good old days of 1960. It was pretty simple then. Not so in 2010. Here's a brief history.
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The SEC is working to improve the way it monitors and regulates the markets. Here's what needs to be done.
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High-frequency trading has spawned a new breed of market mavens far different than the traditional Wall Street titans.
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The May 2010 Flash Crash helped draw attention to how fragmented the stock market has become and how potentially illiquid it can be in an era of high-speed, computer trading.
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Worries about the role ETFs play in changing the nature of how people invest and the market’s high correlation to itself.
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There is genuine concern that changes in market trading structure are leading to the death of stock-picking as we know it.
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Are NYSE and Nasdaq conflicted? They serve both shareholders, and investors, to whom they must maintain a transparent marketplace.
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Four ways individual investors can fight back against a high-tech army. The trick may be to join them.
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Inside the MachineBy: Michael Peltz, Institutional Investor
An editor's journey into the world of high-frequency trading and proprietary algorithms that make or break markets.
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Seven Major Players in High-Frequency TradingBy: Scott Patterson, |Special to CNBC.com
These hotshots aren't household names. Until recently, they've shunned the limelight.
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When the SEC reveals the results of its investigation, it's a good bet it won't finger the real culprit: itself.
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The days of shares "changing hands' are long gone. Now it is man and machine, and sometimes, man vs. machine. Here's a look at the players, companies, technologies and trading platforms.
Poll
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Nearly five months after the May 6 Flash Crash, many individual investors see the stock market as rigged, and they have little confidence in regulators to fix it, according to a CNBC/AP poll.
Commentary
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Bradley: How the SEC Helps Underwrite High Frequency TradingBy: Harold Bradley |Chief Investment Officer, The Kauffman Foundation
Stop the political rhetoric and attend to building better markets. New listings, not complex financial packages, should be the focus of the SEC.
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Trading takes place in the blink of an eye, as computer algorithms pump out buy and sell orders with great frequency and at lightning-fast speeds, says Sen. Ted Kaufman (D-Del.)
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That HFT accounts for a large share of daily trading does not mean it moves stock prices. Prices move in response to marginal changes in the bid and ask of prices, not in response to sheer volume. Big price moves generate big volume, not the other way around
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Stevens: Focus on Practices and Market StructureBy: Paul Schott Stevens, President HKSCKPVIamp; CEO, Investment Company Institute
Technology has not solved many of the long-time challenges that markets pose for institutional investors like funds, including the ability to trade large blocks of stock in the most efficient manner possible .
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By adopting this strategy of fundamental analysis, investors can conduct research and analyze companies that will potentially yield mid- to long-term profits. This is an area where supercomputers are still not quite so, well, super
Need to Know
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Glossary Of TermsBy: CNBC
The Flash Crash of May 2010 illustrated how much the stock market has changed in recent years, exposing a new generation of players and trading systems. Here's a glossary of keywords and definitions.
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Here's a directory of studies, reports, news stories, organizations and government agencies dealing with high-frequency trading , the May 2010 Flash Crash and the electronic-based stock market of today.