This week on our Masters in Business podcast, we speak with Keith Ross, chairman and CEO PDQ Enterprises, a Dark Pool and ATS firm specializing in unique inverse auctions for institutional trading. Previously, he ran Getco, one of the largest HFT forms (Getco was sold to Knight Trading last year for $1.4B).
In our conversation, we discuss what High Frequency and Algorithmic trading are, the changes in Market Structure over the past 30 years, and what the proper role of the Exchanges should be.
It gets a bit wonky once the conversation whether HFTs are superior to Specialists, the plusses and minuses of Fragmentation. We also head a little deeper into the weeds on issues ofCo-location, Packet-sniffing, Spoofing, Quote-stuffing and Walking away. I would be remiss if I didn’t bring up front running as well.