Haim Bodek left Goldman Sachs to start his own firm and says he was offered just such a deal, one that would allow his orders to be filled ahead of orders that had been placed earlier. The practice is called Hide Not Slide.
 
Bodek has fueled the SEC inquiry into high-speed trading practices along with the technological glitches that have happened on exchanges over the past several months.
 
High-speed trading functions from algorithms designed to place hoards of buy and sell orders in an attempt to exploit even the slightest price discrepancies in equities. Such trading is now responsible for two thirds of the volume on US stock exchanges.
 
The markets have grown increasingly complex and opaque as a result, making investors less confident because of the glitches. If the high-speed trading firms have indeed been given unfair advantages, investor confidence would be further weakened.
 
Exchanges have not denied giving such firms an advantage, saying they have disclosed the practice of providing them with data feeds with detailed information about trades.
 
The exchanges claim these feeds can be used by anyone who has the right hardware and is technologically savvy. Of course, that cuts out most individual investors.
 
Bodek’s alert to the SEC had nothing to do with the data feeds but, rather, focused on the way orders from high-speed trading firms work. His focus is on order types, which essentially are commands programmed traders use to tell exchanges how to handle their bids and offers.
 
By looking at order types first, regulators can get a clearer window into the fundamental interactions of the marketplace. An SEC spokesperson says that the SEC is in daily contact with market participants on a variety of structural issues.
 
If the SEC finds that order types are being used in ways that present concern under the Exchange Act, it will develop an appropriate regulatory response.

 

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With classes approved for over a decade by the CFP Board, IWI, and NASBA, Advisors4Advisors CE classes are an optimal knowledge stream for CFP®, CIMA®, CPA, CPA/PFS®, CFA®, and other practitioners. It's not a grab bag of speakers willing to sponsor CE content. Nor is it a one-man CE course. It's a group of subject matter experts with amazing communication skills and a history of thought leadership that, together, give advisors a well-rounded knowledge system for running a professional practice ethically and intelligently.

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A4A CE classes for financial professionals began in October 2008, the week Lehman Bros. collapsed. Initially billed as “The Financial Crisis Webinar Series,” A4A connects advisors with authoritative sources on investing, tax, and financial planning, chosen by A4A Editor Andrew Gluck, a veteran financial reporter. A4A members get a stream of CE classes for an advisor who: 

  • holds a CFP®, CIMA®, CPA, CPA/PFS, CFA or other designation requiring CE annually 
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  • diversifies a core of client portfolios in low-expense funds
  • invests based on MPT and economic fundamentals
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William Desormeau, Jr.  
It is not possible for me to overstate the cumulative value that Craig, Bob and Fritz have added for over 10 years to my investment advisory practice, as well as for personal and family financial planning. A4A gets my highest recommendation
Lynn Najman, CFP®
I’ve subscribed to A4A since its inception, and always find it intellectually stimulating and on point. It’s one of the few CE solutions out there that doesn’t waste my time by pushing product or talking down to me.

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Pete Deacon, CPA, CFP®
A4A has had a profound effect on my business. Since 2009, I’ve relied on the consistent messaging and updates to run my business successfully. Being able to present the information from Bob, Fritz, and Craig's ongoing CE webinars has been a significant benefit.

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Fredric Mayerson, MBA, PhD, CFP®
I've been a financial professional and professor of finance for 35 years and find Fritz Meyer and Robert Keebler to be among the most engaging, incredibly knowledgeable, and experienced presenters I’ve encountered. They deliver an extraordinary amount of information in an extremely interesting way — sequentially and developmentally, utilizing pedagogical tools and techniques that few possess.  A4A to is the most consistently excellent CE program available.  
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I’ve been attending A4A many years because the CE classes are outstanding, and my time is valuable. Though I have over 35 years of experience, I’m always learning something new on A4A. I attend fewer conferences now because the CE is generally not advanced. If you want to learn from the best, in a faster, easier, and less expensive way, I highly recommend A4A.

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I’ve been a member since 2011 and never miss the monthly webinars with Fritz Meyer. I appreciate Fritz’s independent views on the economy and markets and Bob Keebler keeps me updated on excellent tax planning ideas. A4A is a great value!

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Norman Politziner, CFP

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A4A, for over a decade, has been a great resource for useful and accurate information and CE. A4A and Advisor Products are bargains for an advisory practice. 

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Kevin Brosious, MBA, CFP®, CPA/PFS®

I get CPA CE credit and CFP credit for the webinars.  But not only that, the A4A content is terrific