Stock market management burns investors with market tilting changes favoring high frequency traders (HFT). That includes structural changes made by exchange management. Those changes sealed the fate of investors. That happened because those changes served investor market orders to HFT. The tipping point happened when the NYSE changed in response to the 2008 financial crisis. They accepted and favored HFT which changed markets and investing. Then, virtually all major markets did the same.
What you learn from this lesson:
Market management burns investors
This lesson discusses how decisions and actions of stock market managements put in place changed markets and investing. In fact, by learning how HFT feeds on investor trades, investors can prepare to defend their investment orders from these wealth building threats. The needed changes can transform how you invest. To prepare, use this lesson to get the the background understanding of how stock exchange managers changed markets to favor HFT.
Frequently Asked Questions about Market management burns investors
Why do stock markets allow high frequency trading?
Stock markets that allow high frequency trading can collect lots of money! High fees are collected for the colocation of high frequency trading servers within the exchange systems. As well, huge new revenue streams come from providing first access to all market trading data. Because money talks, systems, and policies were changed to favor high frequency trading. High tolls for those new high frequency trading services became major exchange money makers. But the changes also impact investors. Those changes expose investor orders to make them easy pickings for high frequency traders. That, along with market priority shifts, changed markets. As a result, they tilted against investors, and that changed markets and investing.
How vital is high frequency trading to financial markets?
By skimming open market orders, high-frequency traders extract profits from tiny price fluctuations in thousands of transactions. That adds costs for investors like any transaction or access fee.
High-frequency traders cleverly agreed to pay lucrative fees for exchanges, financial service providers, and regulators to cut them in on the scheme despite being based on illusory concepts of market-making liquidity, market depth, and reduced volatility.
That inside arrangement ensures that the significant revenue of high-frequency trading continues to be an integral part of markets.
Do stock markets support high frequency trading?
Stock markets made structural and priority changes that favored high frequency traders at the expense of investors. It happened when implementing technology and policy changes earned massive fees that gave high-frequency traders access to investors' market orders.
While modifications were in progress for years, they swiftly materialized following the 2008 financial crisis when the NYSE accommodated high frequency trading. After that, widespread adoption progressed to many markets.
Now, interconnected markets ensure the impact of high frequency trading influences them all.
What are the benefits of high frequency trading?
High-frequency trading siphons millions of dollars from the daily order flow, leaving investors with hidden costs.
When their covert scheme was exposed, high-frequency trader misinformation deceptively claimed investors benefitted from the speed, volume, swift execution for market-making, enhanced price efficiency, deeper liquidity, and narrower bid-ask spreads.
The illusory liquidity has no substantial capital backing and vanishes at the slightest hint of trouble. That is not market-making.
But their misinformation haze obscures the profit skim taken from the open market orders of countless investors. Despite known spoofing, layering, and market manipulation, high fees buy and keep inside allies and regulators onside to ensure the scheme continues.
Has high frequency trading ruined the stock market for investors?
No, not for smart informed investors that continue to do very well investing in stock markets. Successful investors have the knowledge and skill needed to deal with high frequency traders who use technology to prey on investor orders. Superior investors use the skills learned in this course to manage their orders and avoid the high frequency trading ambush. By learning to stay out of the high frequency trading line of fire, informed investors keep safe as they continue stock market wealth building.
Who pays stock market costs of high frequency trading?
The costs of stock market operations are like a tax all investors pay. As a result, investors paid billions to cover the costs of accommodating high frequency trading.
Still, only high frequency traders and their well-paid inside allies benefit from enabling those schemes.
In exchange for high fees, exchanges reordered their systems and business practices to become essential parts of the money-making plot.
Consequently, advantages given to high-frequency traders are a sell-out of market integrity, fairness, and honesty for a scheme that can exploit market orders of large and small investors.
As a result, sharp investors must learn to understand the impacts of high frequency trading and develop ways to deal with it.
What costs do high frequency traders impose on investors?
High-frequency traders pay exorbitant fees to position their servers next to exchange trading engines and give them access to trading data before investors.
These fees turned stock exchanges into willing accomplices in the high-frequency trading scheme, leaving ordinary investors to pick up the tab.
All investors bear the costs but receive no benefits from improving exchange systems to cope with the speed and volume of high-frequency trading.
NYSE has a leadership role among exchanges
In many fields, New York plays the leading role! Frank Sinatra celebrated that in the classic song, New York New York! He sang, “...if you can make it here, you can make it anywhere...”! And I guess saying Frank Sinatra came to my mind shows my age!
Frank Sinatra was a crooner of a past era that always did a great job singing this classic song celebrating New York. Another New York classic, The New York Stock Exchange (NYSE) leads world markets in value and volumes traded. As a result, it enjoys a leadership role that carries clout far beyond New York. And that influence has a policy impact on stock exchanges in North American markets and beyond.
New exchange ownership changes everything
HFT was established and growing in markets but changes at the NYSE brought the infiltration of markets to a new level. An ownership change and a world rocking event combined to open the way for HFT. But is the new NYSE ownership laid the red carpet and opened the doors wide! That new ownership era began in 2006. That was when the NYSE changed the ownership structure.
Like everything in capitalism, decisions are ultimately all about money. Until 2006 the NYSE structured itself as a traditional stock exchange. In that structure, traders set up a common meeting place and times to trade. That structure was more like a club of members owning a common business place. Members, called seat holders, owned and together controlled exchange operations. They used the exchange to conduct their business of raising and placing capital.
Making capitalism work for everyone
Like many stock exchanges, that structure was like a mutual corporation or cooperative. Each seat owner could do business there. All other were excluded. They focused on their business operations, to find and place capital, not on the exchange operations as their producer of profit. Anyone wanting to find or place capital did their business with a seat holder.
That arrangement provided an efficient place for the business of members. Exchange management was hired to keep the market open to all with low costs. That included keeping the playing field reasonably level.
Such arrangements allowed seat owners to use their privileged market access to collect lucrative service fees. The combination of large fees for raising and placing capital made them lots of money. Low costs let them keep most of it. And users paid exchange fees to cover the costs and a little more. That provided the business of seat holders with a nice additional income stream. That exclusive insiders club arrangement worked very well.
Exchanges served the need for finding and placing capital
Companies needing capital had a place to access it. As well, investors seeking opportunities for their capital enjoyed many choices. Fortunes and opportunities were continually available. That basic arrangement worked for over four centuries in many stock markets. During that stock market history, enterprises, societies, millions of people and nations all grew. Stock markets became keys to prosperity and capitalistic economies. The system worked.
Although exchanges were always interested in making money, seat holder owned exchanges thought of the exchange service somewhat as a utility. They did not see the exchange as a business focused on making profit. Rather, it was more as a low cost way to facilitate the real money making business of the seat holders.
But that all changed with new ownership. First, new shareholders were at arms length from the former seat holders. Those new shareholders expected their investment to produce profits. Expecting the exchange to generate a stream of profits was different. Previously operations were expected to remain in the black rather than maximize profit. New owners had no interest in providing a mutual service or utility at only a minimum cost. It was a radical change in thinking. And that change immediately put pressure on exchange managers to produce more exchange profit.
New ownership plays a new NYSE game
The disruption of clubby comfort happened in 2006. The new owners made seat holder ownership a footnote of history. A new era was beginning. After centuries of raising and placing capital, exchanges were changing from an operating utility or club into stand alone profit making corporations.
While the capital markets continued, the NYSE became one more corporation listed on the stock market. As a result, exchange management became accountable to new investor shareholders. And those shareholders expected a return on investment.
New shareholders did not access to the exchange as a business opportunity. They expected the exchange itself to produce profit. They did not buy shares for the right to operate their own business. But they did invest expecting a return.
That radical shift immediately changed the management culture. Shareholders clearly directed management to find new revenue and profit. Many ideas followed and some, like HFT, required radical changes that tilted markets to favor HFT over investors.
High frequency trading accepted by NYSE
When it happened, few investors realized the world of investing and markets shifted. The NYSE signing of HFT contracts passed with little notice. But to inside players and exchanges everywhere, that change was immediately seen as a seal of approval. As a result, the NYSE acceptance became the implied or unofficial but universal approval of HFT.
Frank Sinatra may very well have sung...
“...if HFT can make it here, it can make it anywhere...”
Generally speaking, when New York accepted HFT, it accelerated across almost all markets! And as regulators did not react to NYSE accepting and making changes that favor HFT. To all who knew, it seemed the fix was in!
In fact, acceptance of HFT by the NYSE was a watershed moment in stock market history. That put investor market orders on the HFT menu. Exchange management made decisions agreeing to feed investor order information to HFT. After the implied endorsement, HFT grew to become a part of virtually all markets across the globe. Except China.
Greed and secrets change markets
As everywhere and through all time, things change including in stock markets. Among the changes, technology, regulation and greed combined to change stock markets. That combination of forces let HFT change markets. That changed the historic purpose of stock markets. A cascade of events and customs got us to repurposed stock exchanges.
Stock market shifts to profit by any legal means
Still, regulators remained passive when stock exchanges changed to favor HFT over investors. It was open season on investor market orders. One result, without fanfare, regulators and exchange management accepted the changes. In fact, investors did not even get the courtesy of a heads up! Although it was their orders now being served to HFT! One outcome was that with rapid growth, newly supported HFT shifted the basic purpose of markets.
HFT firms blossomed to become the most important customers of stock exchanges. As a result, HFT displaced listed companies and investors. They were no longer the prime market customers! And feeding investor orders to HFT served the profit seeking role of both markets and HFT.
Using exchange activity as the prime money maker. Their role as a capital raising or placing utility became secondary. That change was justified by making money by any means. Their prime goals became to generate revenue, volumes and profits. For the first time ever in stock market history, the capital needs of listed companies or investors moved to a secondary role. Once exchanges found the best way to make money was supporting HFT, the activity around satisfying the capital needs of their former prime uses became less important. As a result of that support, clipping or skimming profits from investor orders became a major industry.
Without notice, that new way to make money changed markets and investing. Both regulators and stock market management have never accepted that there was anything was wrong with this change or lack of notice. They recognize no obligation or responsibility beyond making money. At no time was any effort made to inform or consult the public, listed companies or investors.
2008 Financial crisis, market meltdown and high frequency trading
New owners pushed management to produce more profits leading to more market remaking decisions. Once the 2008 financial crisis happened the rules were rewritten again. Responses to the market plunge completely opened stock market doors for HFT. HFT became fully embraced as a core exchange activity.
Just as intended, the changes made produced a gush of cash. As market management pointed to huge revenue increases as justification for the changes, investors got no consideration. Indeed, market managements fully embraced HFT to continue taking a share of that cash torrent.
Quickly both exchange profits and inside players were seen as on top and well ahead of any investor needs. In fact, without investors knowing they were the meal, management was content to feed their orders to HFT. At the same time, by embracing HFT, management decisions also spread the costs broadly across investors and traders like a tax investors paid although they did not know it existed.
The financial crisis story - a short version
Responses to the 2008 financial crisis are central to the story of HFT success triggered by NYSE management decisions. So to be sure you have an understanding of that crisis, following is a short version of a very long and complex story.
In September 2008, the financial world stopped. First, financial dominoes fell one after another. It began with a credit freeze. Once the U.S. subprime mortgage market failed, a credit freeze immediately happened. In brief, the failure happened because house prices stopped going up. Indeed, once that set off a cascade of mortgage defaults, those defaults triggered a huge banking crisis.
Stock market traders responded to the mortgage, credit and banking crisis in panic. Immediately markets plunged. One after another the crisis spread in an electronic flash around the world. Everywhere, markets sank, credit froze and investors gasped!
While the financial world changed in response to the financial crisis of 2008, the stock markets were on the front line of the fallout. Included were changes in stock market operations and structure. Not only do some changes favor HFT over the interests of listed companies and investors, those changes set investors up to pay costs due to HFT! In effect, investors began to pay a tax to HFT schemers.
The crisis in summary:
The cold hard credit freeze truth
Faith is the heart of all credit. Our faith, our trust. Anyone living above a subsistence level uses credit. It is at the heart of the financial system. In essence, it flows from ourselves to every company and our country, we all operate on credit. But also, It is normally based on the expectation that we get paid and expect to pay.
So it works for you and me and everyone else, until it doesn't! And when it doesn't credit disappears. It freezes! If or when that happens across countries, financial activity and economies stop. In essence, that was the situation the world faced in September 2008!
Should it all stop we all stop any economic activity. It all stops when no one believes or trusts that they or their bank can or will get paid. Like everyone else, they stop doing business. And they stop working or shipping or delivering of making or offering goods and services. So, business and finance stops and as the slowdown happens fast and spreads fast, we all stop. That was the case in Sept. 2008 when economic activity everywhere quickly slowed. Once the slowdown happened and rolled through the economy it became what is now known as, the Great Recession.
Lehman Brothers Bankruptcy
Lehman Brothers, a major financial player on Wall Street, got caught by the falling financial dominoes. At the time, they were a big bank in big trouble. Unlike other banks, they were known on Wall Street for their aggressive and antagonistic market behavior. One side effect of their history of rough play was they had few friends and no allies.
When the financial wagons circled, they were on the outside looking in. As a result, Lehman received no help, no relief and collapsed, bankrupt. In essence, that turned billions of dollars to smoke. In a flash, thousands of jobs evaporated. In response fear ran rampant through global banking, credit markets and all stock markets.
Imagine, banks did not trust banks! Instantly, credit and trading stopped everywhere! Forthwith, our capital world of interdependent banking needed rescue. And that had be fast innovative action or bank after bank would topple.
Market liquidity vanishes
For stock markets an immediate and direct result was liquidity vanished. One result was market volume went close to zero! It happened because share trading all but dried up. Buyers disappeared because few had the courage to trade or invest. Markets stopped.
Anyone interested in trading wanted to sell and raise cash. But there can be no sellers without buyers. One always needs the other for markets to function. And both need trades to happen in volume. For markets to work, volumes of both transactions and shares are needed. In liquid markets, buying or selling is fast and easy. And with speed and ease, cash can move in or out of a liquid market as buyers or sellers exchange positions without causing big price moves.
All that changes with little or no volume. That change means little trading activity, few buyers and sellers and those that come have difficulty exchanging positions. Any that try can move prices on low volumes. As a result, with little or no liquidity, moving cash in or out of markets becomes difficult. In short order, all buyers disappear.
To restore that needed liquidity, exchange management responded by feeding investor orders to HFT for promised liquidity. Exchange managements drank the HFT Kool-Aid!
Three wise men crush the crash
In the September 2008 crash, salvation came from effective leadership. That leadership came from the minds, actions, knowledge and experience of the three wise men of the 2008 financial. Included in the elite group included Ben Bernanke, Hank Paulson and Warren Buffet.
Ben Bernanke was then Chairman, U.S. Federal Reserve Bank, the FED. And he was also an economic expert on the depression. The depression was the economic downturn triggered after the stock market crash of 1929. Ben Bernanke knew massive injections of cash was the only way to prevent a repeat of the sorry depression history.
The second wise man, Treasury Secretary Henry “Hank” Paulson, grasped the scale of the issue. As well he had the courage to take some necessary, although very unpopular action. And the third wise man, was Berkshire Hathaway CEO, Warren Buffett. He phoned in his brilliant and practical suggestion to save the financial system.
In normal circumstances, U.S. government programs can buy bank assets in exchange for cash. Such programs play an important supporting role in the economy and banking system. But in the 2008 crisis there was massive need for cash and credit beyond what had ever been considered. In fact, the needs across the economy were orders of magnitude beyond anything ever seen before.
Brilliant simplicity - force feed cash!
The Buffett suggested a brilliantly simple idea! Pour massive amounts of cash into banks. Give them no option, force feed cash into the system! Force feeding capital was a revolutionary idea!
The force feed of capital, rather than having the FED buy assets in exchange for cash, put liquidity where is was needed. And it put it across the country.
All that sounds subtle and simple. But is dazzling clear and on target. It puts cash were needed in crisis. That force feeding put massive amounts of cash into the banking system and economy. It was innovative, clever and simple and had never been tried before.
Just forcing cash in was radical, even outrageous but courageous new thinking. By pushing cash into the system, the normal process changed. Rather than having the bank assets be exchanged for cash, they just got cash in quantity.
Warren Buffett had the vision to know such a force feeding of cash into banks and the economy was essential. It was the only way to quickly get past the credit freeze and crisis. In fact, he knew 2008 was no ordinary crisis and needed extraordinary solutions.
U.S. President got it right
George W. Bush, U.S. President at the time of the 2008 financial crisis, played an important role during the crisis. In addition to Buffett, Bernanke and Paulson, the President must be given credit for listening to their advise. So to be fair and give due credit, U.S. President George W. Bush both understood and supported the radical actions. Everyone, everywhere benefits with he took the advise of the three wise men!
All involved knew such proposals and actions would be very unpopular with the public. The public would see it as a government bailout of greedy bankers. Layoffs, foreclosures and bankruptcies touched the assets of millions of regular people. Many would see force feeding cash to banks as unfair action when it was people who needed help.
But the public got no direct help. As expected, there were howls of protest but the program proceeded. In time that ultimately became good news that worked for the economy!
However, much bad news remained. In fact, millions suffered severe financial losses as part of the collateral damage. That damage included many investors. However at that time, few knew they too were victims. In essence all investors became victims when markets were changed to feed investor orders to HFT for promises of liquidity.
With hindsight, not having direct help programs for people is now seen as a missed opportunity. Bookshelves have filled with analysts reports. Anyone interested can find and read them.
$250 Billion force feeding saves the world!
The U.S. government plan began and grew into a massive $250 billion push into the banking system! Understandably as expected, that was a very unpopular political dud. But, although unpopular, it was effective.
It saved and defended the U.S. economy by pumping in essential financial lubrication. That cash freed a seized system. That lubrication worked, and that in turn defended the global economic system.
But all stories were not happy as there was much pain. However, for the banking and financial system, it worked! And that saved America and supported the world economic and trading systems. The alternative was worse, a depression.
The quick and continued massive action thawed credit. As a result, the economy began to work again. It was fine minds, courageous leadership and understanding of complex financial strategies that stopped an economic collapse.
Above all it was the action taken that mattered. Afterward, solid leadership action pointed the economic way forward. Governments and banks around the world followed with their own stimulating actions.
Getting stock markets past the 2008 crisis
Stock markets got rocked to their core by the upside down world of the 2008 financial crisis. After that shock and searching for a way forward, managements of all exchanges looked for ways to bring back traders and investors. And by seeking new ways to find revenue and profits, managements were looking inside and outside for ideas.
In several ways, the NYSE is the world's leading exchange and most influential stock market. It was the heart of capitalism. But what were they going to do? Not only did they confront their past, they considered all solutions. That included considering how other exchanges used, managed and benefited from technology. They gave each one a careful look.
Dire circumstances forced a fast transition to move beyond human to electronic trading. As well they investigated how other exchanges used rebate incentives to find volume. Then, for the first time ever, exchange management considered offering incentives for volume.
After the 2008 financial crisis the ground shifted for investors. When exchange managements were seeking volume to get markets moving, promises of liquidity were appealing. Like all exchanges under such pressure, they were receptive to making changes. However, the resulting fixes put in place gave HFT an edge over all investors.
Secret betrayal by an investing ground shift
Only very well informed traders were aware of HFT. Few others were aware of HFT or what impact it could have on their investments. With few exceptions, investors from small individual accounts to large national fund managers knew that HFT existed. None fully grasped the impact of HFT. Without notice there was a secret betrayal by a ground shift for investing and investors.
Even sophisticated large fund investors with the most current technology did not know how HFT impacted their funds. For a long time, sophisticated investors were well aware of computerized trading. However, they were on the outside when it came understanding HFT. In the case of HFT, they had no grasp of how the inside fix supported the new development. Only later did they learn about HFT rigged stock markets. And they how no knowledge their orders were being feed to these new market predators.
At a time when the FED and the U.S. Treasury managed to pull the economy back from the brink, HFT wizards stepped up to feed on investor orders. Once markets bought the liquidity potion from the HFT wizards, the fix was in. Suddenly in exchange for healthy streams of fees, exchange managements eagerly sold HFT access of the orders of investors.
In major markets HFT grew to become the major source of trades! In short order markets attracted numerous HFT firms keen to clip investor orders. Without delay they feasted on any investment market order. Then, when the secret got spilled in media reports, HFT firms produced a curious mix of responses. Above all, misinformation was the leading response of HFT to having their scheme exposed. Lesson 11 covers the misinformation scheme.
Thinking of mice, men and desperate decisions in crisis
Crisis made decisions brings to mind Robert Burns and To a Mouse.
His famous line,
"...the best laid schemes of mice and men often go awry...",
as in go askew or bad, Robert Burns
The financial crisis presented an extreme crisis to stock exchange management. One result was decisions made then helped entrench HFT deep inside stock markets. As a result of those changes, rigged stock markets continue to favor HFT over investors.
Change exploited for high frequency trading advantage
Changes made by exchanges produced results for HFT. One outcome was that in turn both markets and investors also got results. But those results were not as favorable.
In essence, the outcome and consequences for markets, the economy and society were less favorable. In particular, fundamentals like fairness, truth and transparency got left behind. The changes that favor HFT abandon the old values.
Even though the facts and consequences seem to get past all decision makers, regulators seem to be in a trance when it comes to HFT. Still, no exchange management, regulators or any financial service provider has raised serious objections. And as seems normal, investor were never made aware of HFT in advance, and ever got asked.
As a result, the stock market effect of all the changes together was historic. In fact, they provided the perfect setup for management of every stock exchange to profit. Even if they all fell for the magic and benefits promised by HFT wizards, they seem unable to see tilted markets. In short they seem to accept the HFT promises as fair exchange for delivering investor orders to HFT.
Accordingly, that produces billions of dollars of loot but with none of it for investors! Until investors force the question of truth and transparency back on markets, it seems little will change. That it happened almost seems a bit old fashioned! Especially so when offering profit as acceptable justification for any stock market action, fair or foul.
Now You Know:
Market management burns investors
The lesson exposes the decisions and actions of stock market managements that put in place changes that transformed markets and investing. Because investors can learn how management decisions changed markets and investing, they can prepare to change how they invest. Doing that can change investing and defend their investments from these threats to wealth building. That knowledge helps you prepare to transform how you invest. With the knowledge gained in this lesson you have the background to understand how stock exchange managers changed markets to favor HFT. The lesson, Management burns investors, shares superior investor knowledge. This lesson is sourced from the Ultimate Guide To Stock Market Investing Success by White Top Investor.
You also know the answer to the question:
Do stock markets support high frequency trading?
Managements of stock markets made changes feeding investor orders to HFT. Those changes were in the structure and operations of stock markets. So beginning with those management made structural changes as well as several lucrative fee attracting changes were done that favored HFT. It was those changes that sealed the fate of investor orders by making them available for HFT to easily fed upon. Those changes tilted markets against investors. And that market tilting transformed markets and investing.
In addition you know these lesson takeaways from,
Market management burns investors:
Stock market management burns investors with market tilting changes favoring HFT. Included are structural changes made by exchange management that sealed investor fates. This is done by serving investor orders to HFT. It became a tipping point once the NYSE changed in response to the 2008 financial crisis. As a result, markets and investing changed. When changes favoring HFT happening on the NYSE, virtually all major markets followed.
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High frequency trading explained, lesson links:
Introducing high frequency trading explained Lesson 1
Racing for profits drives high frequency trading Lesson 2
Markets and technology built HFT Lesson 3
Technology powers high frequency trading Lesson 4
High frequency trading secrets exposed! Lesson 5
Laws and ethics beat investors Lesson 6
Market management burns investors Lesson 7
High frequency trader 3-Way ambush Lesson 8
Fair and foul high frequency trading Lesson 9
High frequency trading strategies, risks and regulations Lesson 10
Misinformation myths of high frequency trading Lesson 11
Markets technology and laws respond to high frequency trading Lesson 12
Investors deal with high frequency trading Lesson 13
FAQ about high frequency trading
Next lesson, course 510 lesson 8:
High frequency trader 3-way ambush
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Lesson code: 510.07.
Copyright © 2011-23 Bryan Kelly
Copyright © 2011-23 Bryan Kelly
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