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...That suggests “the dollar’s bearish momentum may be coming to an end”, said Michael Sneyd at BNP Paribas....
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...The construction was chronicled in Flash Boys, the 2014 book by Michael Lewis that attacked HFT for exploiting a “pernicious inequality” unleashed by the NMS regulation....
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...Justin Schack, managing director of Rosenblatt Securities, said: “The problem isn’t that high-frequency trading firms are participating in dark pools....
...The publication of Michael Lewis’ Flash Boys has intensified scrutiny....
...For example, the US stock market saw its quietest full day of activity since December 2012 this week, according to daily trading volumes analysed by Rosenblatt Securities....
...Rich Repetto, an analyst at Sandler O’Neill, says that is why the average trading size across all dark pools has fallen to only 210 shares, according to the latest data from Rosenblatt Securities....
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...Justin Schack, managing director at Rosenblatt Securities, says this helps explain why the sector’s profits peaked in 2009 even as the stock market was plummeting....
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...Michael Rosenblatt, chief medical officer at Merck echoed White’s comments, noting that the strength of innovative talent in some emerging economies such as India was an incentive to gain a foothold....
...There was also a sharp decline in stock trading in May in “dark pools”, the off-exchange venues run by banks such as Goldman Sachs and Credit Suisse, according to a recent report by Rosenblatt Securities...
...These over-the-counter “internalised” orders, used by most of the large banks, now make up nearly 20 per cent of US market volume, according to market data and figures from Rosenblatt Securities....
...“Market structure like this guaranteed that a flash crash would happen, it was only a question of when,” said Richard Rosenblatt, chief executive officer at Rosenblatt Securities....
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...Justin Schack, director at Rosenblatt Securities, says the real issue is the amount of erroneous orders that flooded the market last week....
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