October 9, 2009
I am extremely concerned that flash orders have further corrupted an already corrupt market. Allowing the investment houses this exception seems to be highly disadvantageous to smaller investors who cannot take advantage of the two-tiered trading system hidden from public view. Given the incredible amounts of fraud uncovered in the markets recently, to let this continue is a travesty to a free market. I have read that Goldman Sachs acknowledges they will make $8 billion from their trading software this year, and it is incredible to me that they know in advance how much their HFT software will skim from the markets. I would like to see a level playing field for all investors, so that these financial companies can't take advantage of others. I don't understand why these companies get such preferential treatment from the government and SEC when they pay almost no taxes, put the financial health of the country at risk, and skim money from investors using specialized software.