December 14, 2015
My name is Nicholas Bova. I started in the futures business in 1985. I then became a floor trader at the Chicago Mercantile Exchange and later the Board of Trade. I traded futures(currencies,options.) I also traded stocks and SP. The advent of the computer and high frequency trading, needless to say, was the end of all traders like myself. The only way I could explain this was to say I was playing poker and all my cards are "up". Unfortunately for me, it took 5 years and ALL of my capital before I realized that I did not have a chance to make a living in the markets any longer. After seeing the 60 minutes piece about the high speed trading platforms I felt some vindication. I had to start my life over. The money and house are gone but at least now I know why. The small investors and local traders help make markets what they were, an investment tool. Now it is whomever has the "fastest computer and latest technology" The phrase "speed kills" has never rang truer.
It makes all the sense in the world for IEX to become an exchange and give investors and traders the option to trade on a "level playing field".