HFT Is the SEC's Fault, Says a Former Exchange Operator

Steve Wunsch

"We have met the enemy, and he is us." So wrote Walt Kelly, creator of the comic strip "Pogo" in a 1970 poster for Earth Day. These days, says Steve Wunsch, it ought to be uttered by the US Securities and Exchange Commission (SEC).

Wunsch, creator of the Arizona Stock Exchange (AZX) and co-creator of the equities exchange at the International Securities Exchange (ISE), is one of the most outspoken critics of the regulatory body, and has been for some time. The archives of his personal website, S