The New York Times profiled a dying breed on Wall Street this weekend — the stockbroker at a small brokerage firm, trading without a computer running at high speed.
The brokers profiled were Joe Saluzzi and Sal Arnuk, founders of Themis Trading. They’re advocating a slow down on Wall Street. Specifically, they want high frequency trading (HFT) firms to have to honor the price of a stock they’re offering for at least 50 milliseconds. They’ve even written a book about it called “Broken Markets: How High Frequency Trading and Predatory Practices on Wall Street are Destroying Investor Confidence and Your Portfolio.”
The whole piece is worth a read, but the most interesting part to us was the quick description of what HFT looks like to the naked eye as brokers buy and sell.