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Rekenthaler Report

What's Wrong With High-Frequency Trading?

Some things, but perhaps not what you think.

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To the Woodshed
On Christmas Eve, Yale chief investment officer David Swensen smacked high-frequency trading. His New York Times article (co-authored with law professor Jonathan Macey), “One Way to Unrig Stock Trading,” accused high-frequency traders, or HFTs, of benefiting from “rigged markets.” The language deliberately echoed that of Michael Lewis in his 2014 best-seller Flash Boys.

Some background--

John Rekenthaler has a position in the following securities mentioned above: MORN. Find out about Morningstar’s editorial policies.