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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!
Foreword by Former U.S. Senator Ted Kaufman x
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