30 September 2009


Justin Schack

VP Market Structure Analysis

Joe Gawronski


Rosenblatt Securities Inc.
New York +1 212 607 3100
Dublin +353 1 855 9125

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An In-Depth Look at High-Frequency Trading

“Back in your old neighborhood
The cigarettes taste so good
But you’re so misunderstood
You’re so misunderstood.”

— Jeff Tweedy, 1996 (“Misunderstood,” from the Wilco album “Being There”)

Rarely in the history of Wall Street has something so pervasive and so highly publicized been so misunderstood. High-frequency trading is everywhere, accounting for well more than half of all US equity transactions and significant fractions of the volume in many other markets globally. And lately, it has been thrust into the public square, with an eruption of blog postings, newspaper articles and television segments — often breathless in tone and accusatory in tenor — scrutinizing high-frequency’s role in today’s financial markets.

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