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Man vs. Machine: Resources—Where To Find Out More

CNBC
Monday, 13 Sep 2010 | 4:42 PM ET
Wall Street
Jaap Steinvoorte
Wall Street

Since the Flash Crash on May 6, government agencies to universities to media outlets have been taking a closer look at computerized high-speed trading.

Here's a resource guide of some of the organizations involved, tools for investors, articles, videos and research reports on the topic.

Research & Studies

Beware Of The VWAP Trap
Research firm Quantitative Services Group finds that high-frequency trading negatively impacts volume participation algorithms.

Crossing Networks and Dealer Markets: Competition and Performance
Studying the interaction between dealer markets and this relatively new form of exchange.

Does Algorithmic Trading Improve Liquidity?
A research report showing that algorithmic trading increases liquidity in the markets.

Implications for a Dark Pool Environment
Researchers at the New York Fed and Baruch College study the effect dark pools have had on the markets.

Quantifying the Affects of High-Frequency Trading
Broker Abel/Noser exams how high-frequency trading effects liquidity by comparing the market in June 2010 and June 2007.

Rise of the Machines: Algorithmic Trading in the Foreign Exchange Market
The Fed’s Board of Governors studies the impact that algorithmic trading has had on price discovery and volatility in the foreign exchange market.

Study: 'Dark Pools' Account for 4% of European Trades
Research firm Tabb Group reports that dark pools account for 4 percent of European trading.

Law & Government

Brookings Institution Financial Market Regulation Page
An up-to-date feed of research and commentary on financial regulation from the Brookings Institution.

Dark Pools, Flash Orders, High-Frequency Trading, And Other Market Structure Issues Hearing
Testimony, statements and video from this 2009 hearing.

Financial Market Regulation Frequently Asked Questions
The US Treasury answers questions about financial regulation.

NYSE Information for Individual Investors
News releases and helpful links for individual investors.

Regulation-NMS
Final rules and amendments made to Regulation-NMS by the Securities and Exchange Commission.

SEC Investor Alerts and Bulletins
Investors can get the latest SEC updates and alerts from this website.

SEC’s Testimony On The Flash Crash
Chairwoman Mary Schapiro explains the sequence of events that led to the Flash Crash in prepared testimony before the Subcommittee on Capital Markets, Insurance and Government on May 11, 2010.

Media

Did 'Quote Stuffing' Cause the 'Flash Crash'?
US regulators are probing the practice where large numbers of rapid-fire stock orders are placed and canceled almost immediately.

Five Things You Should Know About High-Speed Trading
What every investor needs to know about high-frequency trading.

Flash Crash Report Offers Few Answers About Plunge
Regulators probing the stock market "flash crash" last May have still not uncovered a single cause.

'Flash Crash' Less Likely to Happen in Europe? Tighter regulation and fewer alternative trading venues make it less likely that a "flash crash" would be repeated in Europe.

Getting to the Bottom of Dark Pools
An video explainer on what dark pools are and how they work.

How Algorithmic Trading Works
An explanation of how this trading strategy works.

Inside the Machine: A Journey into the World of High-Frequency Trading
An inside look at high-frequency trading.

SEC Probes Cancelled Trades in Flash Crash: Report
U.S. securities regulator is looking into a Wall Street trading practice in which unusually large numbers of orders to buy or sell stocks are placed in a fraction of a second.

Top 25 Most-Favored Stocks In High-Frequency Trading
These stocks were the most traded by US high-frequency traders in the during the past two years, according to a study by Woodbine Associates.

Traders Profit With Computers Set at High Speed
These systems are so fast they can outsmart or outrun other investors, humans and computers alike.

What's Behind High-Frequency Trading
Answers to frequently asked questions about high-frequency trading.

What Can Be Done to Slow High-Frequency Trading?
While the "speed" issue has not garnered much attention in recent years—partly because most observers assumed that speed was good—it seems that a debate is long overdue.

Organization & Government Agencies

American Association of Individual Investors

Cato Institute

Chicago Board Options Exchange

Closed-End Fund Association

Committee on Capital Markets Regulation

ETF Database

Financial Industry Regulatory Authority

Investment Company Institute

Milken Institute

Nasdaq

Nasdaq Investing Page

National Association of Online Investors

NYSE Euronext

OTC Markets

Securities and Exchange Commission

SEC Office of Investor Education and Advocacy

Standard and Poors

Securities Industry and Financial Markets Association

Securities Investor Protection Corporation

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