Keep Your Eye on the Market Structure Ball
5/22/2014Flash Boys has started a simplistic debate about HFT, when the real focus should be on an overly complex and fragmented market structure.
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Sal Arnuk is partner, co-founder and co-head of equity trading of Themis Trading LLC. Mr. Arnuk has extensive experience in equities trading and is an expert in electronic trading and market structure. He is also the co-author of Broken Markets -- How High Frequency Trading and Predatory Practices on Wall Street are Destroying Investor Confidence. Prior to Themis, Mr. Arnuk worked for more than 10 years at Instinet Corporation, where he headed the team responsible for equity sales and trading for major institutional money managers. He is a frequent speaker at industry conferences on issues involving market access, algorithmic trading and other sell- and buy-side concerns such as Trader Forum, Waters, The National Organization of Investment Professionals (NOIP) and Fusion IQ's Big Picture conference. He has provided expert commentary for media outlets such as the Associated Press, BBC Radio, Bloomberg Television & Radio, BNN, CNBC, Fox Business, NPR, Barron's, The New York Times, The Wall Street Journal, USA Today, Time, Los Angeles Times, Bloomberg News, Institutional Investor, Pensions & Investments and Advanced Trading. Mr. Arnuk also has co-authored articles for Traders Magazine, Dow Jones and Journal of Investment Compliance. Mr. Arnuk graduated from New York University's Stern School of Business with an MBA in Finance and received a Bachelor's Degree in Finance from SUNY Binghamton University.