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Technology Stocks : The *NEW* Frank Coluccio Technology Forum

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From: axial	11/22/2011 1:17:07 AM
	of 46821

CFTC’s O’Malia plans test to define HFT The test involves assessing: • The use of extraordinarily high-speed order submission/cancellation/modification systems with speeds in excess of five milliseconds or generally very close to minimal latency of a trade; • The use of computer programmes or algorithms for automated decision-making where order initiation, generating, routing, and executionare determined by the system without human direction for each individual trade or order; • The use of co-location services, direct market access, or individual data feeds offered by exchanges and others to minimise network and other types of latencies; • Very short time-frames for establishing and liquidating positions; • High daily portfolio turnover and/or a high order-to-trade ratio intraday; • The submission of numerous orders that are cancelled immediately or within milliseconds after submission; • Ending the trading day in as close to a flat position as possible (not carrying significant, unhedged positions overnight). ft.com Jim

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