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Of Liquidity, Fragility, HFTs And ETFs: One Bank Takes You On A ‘Flash Crash Course’
Late last month, in what amounted to a follow-up to a previous piece, Goldman's Charles Himmelberg took a closer look at fragility and liquidity provision in the context of modern market structure.
This is an extremely important discussion for all manner of reasons, not the least of which is that the current system (characterized as it is by the presence of HFTs, systematic strats, programmatic trading and the proliferation of passive investing) has never been truly stress tested. The events t
Reading collusion by Nomi Prins.
The snake is clearly eating it’s tale