A Call to Pull Reins on Rapid-Fire Trade

[meow2u3]

Thomas Peterffy, chief executive of Interactive Brokers Group Inc., says computer-driven high-speed trading firms have made the market less efficient—and less safe.

While a number of Wall Street traders would agree, this argument may seem surprising coming from the 67-year-old Mr. Petterfy: He is widely considered the father of computer trading, a position that has made him a billionaire several times over.

"He's the guy who brought automation to the industry," said Richard Repetto, an analyst with Sandler O'Neill who tracks Interactive Brokers, a Greenwich, Conn., electronic broker-dealer. "Now he's railing against the high-speed traders."

http://online.wsj.com/article/SB10001424052970203752604576641293119362426.html?mod=ITP_moneyandinvesting_0

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That's what happens when you create a monster; the monster eventually turns against its own creator. He learned too late, and so will the 99% who still lick the boots of the greedy 1%.

[dkf]

1. Someone has a faster computer so now he wants to shut it all down.

[Warpy]

2. I'll believe him when he gets behind the Robin Hood tax

That's 0.5 cents per trade.

[PETRUS]

3. It's fun to guess at motives.

But futile. Regardless of where's he's coming from, it is true that high speed trading does little to nothing for the economy. The talent and resources devoted to this kind of activity could be deployed to much greater benefit elsewhere.