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Commodity Futures Trading Commission’s Technology Advisory Committee Meeting Postponed
January 26, 2011-- The Commodity Futures Trading Commission’s Technology Advisory Committee Meeting scheduled for Thursday, January 27, 2011, has been postponed.
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Source: CFTC.gov
CFTC, USDA Economic Research Service and Farm Foundation NFP to Host Workshop on Carbon Market Design: Issues and Opportunities
January 26, 2011--The Commodity Futures Trading Commission, U.S. Department of Agriculture Economic Research Service and Farm Foundation NFP will co-host a workshop on carbon market design from January 31 to February 1, 2011.
The workshop will bring together policymakers, industry participants, nongovernmental organizations and academics to discuss issues facing the establishment of efficient carbon markets in the United States. The workshop will serve as a forum to consider the lessons learned from existing carbon/environmental markets to inform policymakers about potential hurdles to the design of domestic carbon markets.
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Source: CFTC.gov
Danger, Will Robinson: Advanced Analytics and Regulation of Markets
Keynote Address of Commissioner Bart Chilton to the Institutional Investor TraderForum, New York, NY
January 26, 2011--Introduction
Good afternoon, it is good to be with you. A special thanks to Lew Knox for the kind invitation to be here to talk with the members of TraderForum about a few things going on in markets and in Washington today.
“Lost in Space”
First, let us start with a little television trivia. This will date me and some of you. By a show of hands, who remembers the 1960s TV series “Lost in Space?” Young William Robinson and the Jupiter 2—does anyone remember that?
Of course, the line that caught on and we still hear once-in-a-while today is “Danger, Will Robinson, danger.” Well, as Cliff Clavin, the postman from Cheers would say, here’s a little known fact: despite the millions of times that phrase has been uttered all over the world in the decades since the show, the robot only used that phrase exactly once in the entirety of the series. There were 83 episodes of “Lost in Space,” which by the way ran three seasons. Only that once, in episode 11 of season three, was “Danger, Will Robinson, danger” used. A movie released in 1998 also used those words. It is remarkable in these days where repetition of a message is key in all of the media clutter to having folks remember something, yet “Danger, Will Robinson, danger” was only used that once on the tube.
Well, today we are going to discuss some potential dangers out there with regard to algorithmic, high frequency trading (HFT) and the advanced analytics that are being used in financial markets today. We will also talk about some of the dangers of regulation—too much and too little. As part of that discussion, I will let you in on a hush-hush strategy that some are in the middle of as a way to get out of regulation. What I can say is that if we are not cognizant of the dangers out there, on these topics and on others, we certainly have the great possibility of ourselves being lost in space.
Market Morphing
As we all know, our markets have changed dramatically in the last decade. Open outcry in trading pits is quickly becoming a thing of the past. Instead of traders screaming at each other in the pits, computers are screaming all day long, not once raising their voices or taking a coffee or smoke break. Algorithmic programs are cranking away like journeymen and HFT computers are trying to scoop up micro-dollars in nanoseconds. It is an amazing thing how quickly and vastly these markets morphed.
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Source: CFTC.gov
