, senior counsel for securities regulation in the capital markets group at Investment Company Institute
, has a bone to pick with high frequency traders.
At a conference yesterday in New York, Burstein said
high frequeency traders' canceled requests to buy or sell stocks on exchanges should result in fees when they exceed preset thresholds, Bloomberg reports
According to Burstein, Some firms cancel more than nine out of every ten orders they send to exchanges. While he doesn't have anything against high-frequency trading, Burstein is concerned about the uncertainty of what stretegies high-frequency trading firms are using.
“They do provide tighter spreads in the names they’re active in. But how many? We don’t know,” he said, adding that regulators should gather more data about high-frequency trading firms.
Stay ahead of the news ... Sign up for our email alerts now