Brad Katsuyama Quotes

We live in an age of great jitteriness in the financial markets. And there's no doubt at all, I think, that the volume of computer-traded stocks has helped contribute to that.

Stock exchanges say that more than half of all trades are now executed by just a handful of high-frequency traders, who use rapid-fire computers to essentially force slower investors to give up profits, then disappear before anyone knows what happened.

High-frequency traders are firms all around the world. They're massive investments.

We can prevent unfair advantage, and we can avoid the destabilizing effect that high frequency trading can have.

High-frequency traders are firms all around the world. They're massive investments. And there is an incredible race for speed now. People are paying hundreds of millions of dollars to shave milliseconds off.

We say, 'The market plummets,' like it's some roaring creature.

We built a market at IEX that does not sell certain types of technology advantages to high-frequency traders, and as a result, the high-frequency traders that didn't rely on buying those advantages trade on IEX.

While markets are supposed to ensure transparency by showing orders to everyone simultaneously, flash orders are currently allowed because of a loophole in securities regulations that allows for immediate trades.

As the financial experts all over the world use machines to unwind Gordian knots of financial arrangements so complex that only machines can make - 'derive' - and trade them, we have to wonder: Are we living in a bad sci-fi movie? Is the Matrix made of credit default swaps?

The stock market is the world’s largest Oujie Board.

On Wall Street, every story becomes known so quickly. They are all so connected that everything disseminates there faster than anywhere.

All of a sudden the market is all about algos and routers.

We have already seen some instances of systemic risk in recent times in the Asian financial crisis. But what sparked off the Asian financial crisis? Automated trading programmes!

As long as there's political uncertainty around the energy space, stock prices will come down.

The stock market to me was like a video game. When it went off, it was like turning the game off. It wasn't something I'd think about until I'd turn the machine on again.

In the past, NASDAQ has defended flash orders.

The way to make money is to buy when blood is running in the streets.

Normally, the market peaks before bad news emerges. That's what happened in 1929, and that's what happened in 2000.

If you think Wall Street has a short memory, you're dead wrong. No, the folks who work on Wall Street, regulate Wall Street - and, above all, invest in its wares, notably its hedge funds - don't have a bad memory. They don't have any memory at all.

Markets are self-regulating only because some brave investors are prepared to bet against the market trend.

Clearly, sustained low inflation implies less uncertainty about the future, and lower risk premiums imply higher prices of stocks and other earning assets. We can see that in the inverse relationship exhibited by price/earnings ratios and the rate of inflation in the past. But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions …

The markets were run by mathematicians and their models but they had no business sense.

Nowhere does history indulge in repetitions so often or so uniformly as in Wall Street.

Something is missing from Main Street: Trust in Wall Street

There may be a recession in stock prices, but not anything in the nature of a crash..