Charles Duhigg Quotes

When we had the 'flash crash' in 2010, where the price of some stocks briefly fell to zero, high-frequency trading played a big role in that event.

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.

How can you allow the trading companies to locate computers closer to exchanges and flash millions of bids to give an unfair advantage?... Even professionals are losing faith in some aspects of the system.

In the past, NASDAQ has defended flash orders.

I have very little respect for the integrity of the trading on the exchange in most stocks. And I have particular disdain for the fact that the SEC has failed to deal with high-frequency traders who are doing nothing more than taking advantage of inside information, a buy or a sell order, because of technology advantages.

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

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

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.

In a flash order transaction, buy or sell orders are shown to a collection of high-frequency traders for just 30 milliseconds before they are routed to everyone else. They are widely considered to give the few investors with access to the technology an unfair advantage, even by some of the marketplaces that offer the flash orders for a fee.

I had always been interested in markets - specifically, the theory that in financial markets, goods will trade at a fair value only when everyone has access to the same information.

Conspiracy theories feed on opacity, and that's a longtime problem with short selling. Large long positions must be reported to the Securities and Exchange Commission in public filings, but not large short positions.

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

Fancy computers are engaging in legalized front-running. The profits are clearly coming from the rest of us - our college endowments and our pensions. Why is this legal? What the hell is the government thinking? It's like letting rats into a restaurant.

It's important to recognize the vital role that the financial markets play in our economy and that so many of you are contributing to. To function effectively those markets and the men and women who shape them have to command trust and confidence, because we all rely on the market's transparency and integrity. So even if it may not be 100 percent true, if the perception is that somehow the game is rigged, that should be a problem for all of us, and we have to be willing to make that absolutely clear.

The United States stock market, the most iconic market in global capitalism, is rigged.

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.

I believe Wall Street needs serious ongoing regulation.

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.

The securities laws of the 1930s were so important because it forced companies to file registration statements and issue prospectuses, and it remedied the imbalance of information.

Financial institutions like to call what they do trading. Let's be honest. It's not trading; it's betting.

In the United States, securities markets are much more developed than they are in Europe.

You want to know the way to raise money? Put a transaction fee on Wall Street, so maybe we can curb some of the speculation and raise some money.

Everything that happens on Wall Street only fortifies my opinion that there is in fact a more ludicrous industry than the entertainment industry.

Wall Street wants to keep its schemes too complicated to understand so that the roulette wheel can keep turning.

Let's embrace productive capitalism, not casino capitalism, by restoring transparency and true competition in the commodities markets.