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Frontrunning: February 9

  • Investors dump stocks (Reuters)
  • Global Bond Rally Near `Panic' Level With Japan Yield Below Zero (BBG)
  • Global Growth Fears Hit Bank Stocks (WSJ)
  • GOP Race for Second in New Hampshire Intensifies (WSJ)
  • N.H. Primary: Where Each 2016 Candidate Needs to Place to Build Momentum (WSJ)
  • ‘Risk parity’ strategy shows strain (WSJ)
  • U.N. fears for hundreds of thousands if Syria troops encircle Aleppo (Reuters)
  • World's Negative-Yielding Bond Pile Tops $7 Trillion (BBG)

"People In The Market For Many, Many Years Have Been Replaced By An Algorithm"

"People In The Market For Many, Many Years Have Been Replaced By An Algorithm"

Two years ago, just before Michael Lewis released Flash Boys starting a sharp if brief revulsion against parasitic, predatory High Frequency Trading frontrunners, which delayed Virtu's IPO by one year, we broke down Virtu's 2013 net trading income by product line. We were not surprised to find that of the $45 million in total growth, the largest income category, US stocks growth was a tiny 5% of all, rising by $2.3 million in 2013. In fact, between EMEA, APAC and US Equities, there was very limited growth in 2013, while commodities posted an outright trading income decline.

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