SEC's Berman: The Data Disputes HFT Narrative

Gregg Berman, associate director at the SEC office of analytics and research

Berman's primary argument is that increased complexity in market structure, including HFT, comes down to investors' desires—to trade on a fair price and execute predictably without undue cost—rather than a few electronic market-makers’ need to constantly outdo competitors, or “rig” markets, using technology. And, likening today's markets to his smartphone, he pointed out that complexity is neither bad nor innately superfluous.

"My mobile phone is ridiculously complex, whereas my home phone I can

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