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It advertises "sub-one millisecond trade execution times".
With Nasdaq unable to deliver trade execution messages until midafternoon, traders did not know whether their orders had gone through.
"I just felt like that Congress intended multiple competing trade execution platforms and that included voice," she said.
Price formation is at its most efficient with compulsory publication of pre-trade intentions and trade execution.
Among the mishaps were an unexpected delay at the start of trading, missing trade execution messages and, at one point, orders that were filled by hand.
"If you say you can't have any voice, aren't you limiting the modes of trade execution?" She also said she was concerned about job losses on Wall Street.
Similar(15)
The S.E.C. should require brokerage firms to monitor trade executions, tracking how many trades are done at prices better than those specified by investors.
It is high time investors understand that payment for order flow is corrupting trade executions at many online firms -- and costing investors a bundle.
The prior regime, he says, had "blown tens of millions on a Rube Goldberg patchwork of processors, servers and applications" that delayed trade executions.
Knight's bread-and-butter is handling trade executions in small-cap stocks for other brokerage firms.
The trail has long been cold, lost in the ether of millions of trade executions per day on the world's major exchanges.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com