Updates on Sub-pennying Issues:

Nov 1 ,2010
CFA Magazine:  Flaws in Reg NMS played a role in the flash crash.

Oct 29, 2010
NYSE Euronext:  Address SEC on concerns with flash trading

Aug 29, 2010
CFA Magazine:  Dennis Dick discusses the cause of the Flash Crash.

Aug 25, 2010
New Blog:  Dennis discusses CBSX inverted rebate model.

Aug 25, 2010
Themis Trading:  Order Routing Diagram. This is seriously
how fragmented our market structure has become.

Aug 16, 2010
Senator Kaufman comments to SEC.  Nice synopsis of our market structural problems.

Aug 13, 2010
CBSX to pay 14/100ths to TAKE liquidity on 23 securities.

July 17, 2010
Traders Magazine:  Traders give proposed Trade-at rule thumbs up.

July 11, 2010
CFA Magazine:  Dennis Dick discusses how to trade  profitably in a two-tiered market structure.

June 24, 2010
Bright Trading responds to SEC roundtable, discusses "toxicity" of public order flow due to broker-dealer internalization.

June 22, 2010
CFA Institute comments to SEC:  Discusses sub-pennying concerns, and support for the trade-at rule.

June 21, 2010
SEC Advisory Committee on Emerging Regulatory Issues, meeting tomorrow, June 22.

June 15, 2010
Alphaville:  All eyes on broker-dealer internalization.

June 2, 2010
Article - Swinging a CLOB at the next flash crash.

June 2, 2010
SEC roundtable discussion concerning market structure.  (Webcast)

June 1, 2010
Senator Kaufman - Statement about concerns of unbalanced roundtable discussion.

June 1, 2010
Investment Company Institute - Outlines concerns with internalization, and asks for 'significant' price improvement.

May 14, 2010
Industry at odds over SEC's Trade-at idea.

May 6, 2010
New Blog:  Predatory market making may have led to crash.

May 5, 2010
Dennis Dick discusses problems with access fees in CFA magazine.

April 30, 2010
Nasdaq comments to SEC, proposes restrictions on internalization, page 8.

April 26, 2010
Dennis Dick, Bright Trading, documents sequence of sub-pennying trades, being used to front-run NBBO.

April 23, 2010
NYSE comments to SEC, concerns regarding internalization, and nominal price improvement.

April 23, 2010
SEC should make Dark Pools improve prices, NYSE says.

April 21, 2010
TD Ameritrade attacks sub-penny trades, defends broker-dealer internalization.

April 20, 2010   Excellent Report
Rutgers Report:  Statistical evidence showing decline in market quality due to broker-dealer internalization.

April 18, 2010
Themis Trading: Thoughts on Trade-at Rule.

April 16, 2010
Article:  Trade-At Rule Pits Exchanges Vs. Brokers.

April 8, 2010
Zerohedge joins battle on sub-pennying.

March 27, 2010
Bright Trading and Dennis Dick comments to SEC on Equity Market Structure.

March 26, 2010
Liquidnet blames sub-pennying on broker-dealer internalization, page 48.

March 1, 2010
Article:  The Art of Sub-Penny Trading.

Feb 24, 2010
Article:  Nasdaq Frets Over Internalization.

Feb 24, 2010
Dennis comments: Access fees may lead to sub-pennying.

Feb 23, 2010
Angel Report on market structure, sponsored by Knight.

Feb 23, 2010
Bloomberg:  SEC may allow subpenny pricing for more stocks.

Feb 10, 2010
Great article:  HFT forcing traders to become more sophisticated.

Feb 9, 2010
WSJ:  Subpenny Pricing Plan Could Fragment Stock Trade

Feb 8, 2010
Dennis comments - Sub-pennies for everyone, NOT the answer.

Feb 5, 2010
Dennis discusses "trade-at" rule as potential solution to sub-pennying in liquid securities.

Feb 4, 2010
CFA Institute letter to SEC, sub-penny trading preempting the NBBO.

Jan 26, 2010
Bloomberg Article:  Penny fractions for stock quotes may slow dark pools.

Jan 26, 2010
Exchanges to Petition SEC on Sub-Penny pricing.

Jan 17, 2010
View comments submitted to SEC on equity market structure.

Jan 15, 2010 - IMPORTANT - SEC Form
Submit comments on equity market structure.

Jan 14, 2010 - IMPORTANT
SEC concept release on equity market structure.  Request for comments.

Jan 13, 2010
SEC issues concept release seeking comment on structure of equity markets.

Jan 13, 2010
SEC seeks ban on unsupervised access, opens 90 day comment period to discuss high frequency strategies.

Jan 5, 2010
SEC calls an open meeting to discuss wide range of issues, including high frequency trading, and "dark" liquidity.

Jan 4, 2010
Dennis comments on Rambus incident.  HFT market making gone bad?

Jan 3, 2010
Dennis' sub-pennying article in CFA Magazine January/February 2010 Edition is released.

Dec 8, 2009
Schapiro says SEC likely to seek public comment on High Frequency Trading.

Nov 20, 2009
Senator Kaufman:  Letter to SEC Chairman Schapiro, Senator outlines dangers of manipulative algorithms and systemic risk.

Nov 13, 2009
SEC releases proposal to further regulate dark pools.




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