November 13, 2009
Over the past few months there has been some concern in the markets, not just about the sustainability and volatility associated with its powerful increase in recent months, but also about who is doing all this trading. Normally, investor ownership data are filed with the Securities and Exchange Commission on a lagged basis in the form of 13D filings, which is a notification that an investor holds more than 5 percent of any class of a companys shares. Ownership and trading, however, are two different things. As such, there has been growing interest about "dark-pool trading" and "high-frequency trading."
I recently spoke with Bernie McSherry, a senior vice president of strategic initiatives at Cuttone & Co., where he is a member of the management committee involved with strategic planning and market strategy. He has served in a number of leadership positions within the industry and has chaired several New York Stock Exchange committees and served as the NYSE governor for six terms.
