Broken Markets: How High Frequency Trading And Predatory Practices On Wall Street Are Destroying…

Paperback | May 24, 2012

bySal Arnuk, Joseph Saluzzi

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The markets have evolved at breakneck speed during the past decade, and change has accelerated dramatically since 2007's disastrous regulatory "reforms." An unrelenting focus on technology, hyper-short-term trading, speed, and volume has eclipsed sanity: markets have been hijacked by high-powered interests at the expense of investors and the entire capital-raising process. A small consortium of players is making billions by skimming and scalping unaware investors -- and, in so doing, they've transformed our markets from the world's envy into a barren wasteland of terror.

 

Since these events began, Themis Trading's Joe Saluzzi and Sal Arnuk have offered an unwavering voice of reasoned dissent. Their small brokerage has stood up against the hijackers in every venue: their daily writings are now followed by investors, regulators, the media, and "Main Street" investors worldwide. Saluzzi and Arnuk don't take prisoners! Now, in Broken Markets, they explain how all this happened, who did it, what it means, and what's coming next. You'll understand the true implications of events ranging from the crash of 1987 to the "Flash Crash" -- and discover what it all means to you and your future. Warning: you will get angry (if you aren't already). But you'll know exactly why you're angry, who you're angry at, and what needs to be done!

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From the Publisher

The markets have evolved at breakneck speed during the past decade, and change has accelerated dramatically since 2007's disastrous regulatory "reforms." An unrelenting focus on technology, hyper-short-term trading, speed, and volume has eclipsed sanity: markets have been hijacked by high-powered interests at the expense of investors a...

From the Jacket

“Read this book before you invest a penny in the stock market.” —Mark Cuban, Owner, Dallas Mavericks “In one of the most memorable scenes in motion picture history, before giving him the  red pill, Morpheus says to Neo, ‘You’re here because you know something. What you know, you can’t explain, but you feel it. You’ve felt it your entir...

Sal Arnuk is partner,  cofounder, and co-head of equity trading of Themis Trading, LLC, a leading independent agency brokerage firm that trades equities for institutional money managers and hedge funds. Arnuk has extensive experience in equities trading and is an expert in electronic trading and market structure.  Prior to founding Th...
Format:PaperbackDimensions:320 pages, 8.9 × 5.8 × 0.8 inPublished:May 24, 2012Publisher:Pearson EducationLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0133993507

ISBN - 13:9780133993509

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Extra Content

Table of Contents

Foreword by Former U.S. Senator Ted Kaufman     x
Introduction     1
Chapter 1: Broken Markets     7
Chapter 2: The Curtain  Pulled Back on High Frequency Trading     23
Chapter 3: Web of Chaos     45
Chapter 4: Regulatory Purgatory     67
Chapter 5: Regulatory Hangover     83
Chapter 6: The Arms Merchants     97
Chapter 7: It’s the Data, Stupid     111
Chapter 8: Heart  of Darkness     125
Chapter 9: Dude,  Where’s My Order?      141
Chapter 10: The Flash Crash     151
Chapter 11: The Aftermath     177
Chapter 12: Killing the Stock Market That Laid the Golden Eggs     195
Chapter 13: Call to Action     217
Appendix: Themis Trading Whitepapers     233
Index     289