Table of Contents

Table of Contents

Preface

Chapter 1 – High-Frequency Trading: Background, Concerns, and Regulatory Developments (pp. 1-62)
Gary Shorter and Rena S. Miller

Chapter 2 – Equity Market Structure Literature Review Part II: High Frequency Trading (pp. 63-104)
Staff of the U.S. Securities and Exchange Commission, Division of Trading and Markets

Chapter 3 – Opening Statement of Senator Carl Levin, Chairman, Permanent Subcommittee on Investigations. Hearing on ”Conflicts of Interest, Investor Loss of Confidence, and High Speed Trading in U.S. Stock Markets” (pp. 105-110)

Chapter 4 – Opening Statement of Senator John McCain, Permanent Subcommittee on Investigations. Hearing on ”Conflicts of Interest, Investor Loss of Confidence, and High Speed Trading in U.S. Stock Markets” (pp. 111-114)

Chapter 5 – Testimony of Bradley Katsuyama, President and CEO, IEX Group, Inc. Hearing on ”Conflicts of Interest, Investor Loss of Confidence, and High Speed Trading in U.S. Stock Markets” (pp. 115-128)

Chapter 6 – Testimony of Joseph Brennan, Principal and Head of Global Equity Index Group, the Vanguard Group, Inc. Hearing on ”Conflicts of Interest, Investor Loss of Confidence, and High Speed Trading in U.S. Stock Markets” (pp. 129-134)

Chapter 7 – Testimony of Andrei Kirilenko, Professor of the Practice of Finance, MIT Sloan School of Management. Hearing on ”High Frequency and Automated Trading in Futures Markets” (pp. 135-144)

Chapter 8 – Testimony of Terrence A. Duffy, Executive Chairman and President, CME Group. Hearing on ”High Frequency and Automated Trading in Futures Markets” (pp. 145-148)

Chapter 9 – Statement of Vincent McGonagle, Director of the Division of Market Oversight, Commodity Futures Trading Commission. Hearing on ”High Frequency and Automated Trading in Futures Markets” (pp. 149-160)

Index