Sal Arnuk, Scott Patterson & Josh Brown talk about high-frequency trading and its discontents.
Sal Arnuk is partner, co-founder and co-head of equity trading of Themis Trading LLC, a leading independent agency brokerage firm that trades equities for institutional money managers and hedge funds. Arnuk has extensive experience in equities trading and is an expert in electronic trading and market structure. Prior to founding Themis in 2002, he was with Instinet Corporation, where he headed the team responsible for equity sales and trading for institutional money managers, for more than 10 years.
His opinions are sought by leaders, regulators, market participants, and the media, and are presented via white papers and Themis’ widely-read blog. He is a frequent speaker at industry conferences, such as Trader Forum, Waters, National Organization of Investment Professionals (NOIP) and Fusion IQ's Big Picture, on issues involving market access, algorithmic trading and other sell- and buy-side concerns.
He also provides expert commentary for media outlets such as the Associated Press, BBC Radio, Bloomberg TV & Radio, BNN, CNBC, Fox Business, NPR, Barron’s, The New York Times, The Wall Street Journal, USA Today, Time, Los Angeles Times, Bloomberg News, Pensions & Investments and Advanced Trading. He is also co-author of the book, Broken Markets.
Arnuk earned an MBA in Finance from New York University’s Stern School of Business and a Bachelor’s Degree in Finance from SUNY Binghamton University.
Josh Brown is a New York City-based financial advisor at Ritholtz Wealth Management. He helps people invest and manage portfolios for them. His clients range from individuals to corporations to retirement plans to charitable foundations. Brown is the author of the book Backstage Wall Street, from publisher McGraw-Hill. In March of 2012 he joined the advisory board of Brightscope, where he hopes to help usher in a new era of transparency for the financial advisory industry.
Scott Patterson is author of the New York Times best-selling book The Quants and a staff reporter for The Wall Street Journal, where he writes about the government's regulation of the financial industry. His work has also appeared in the New York Times, Rolling Stone and Mother Earth News. He has a masters of arts degree from James Madison University. He lives in Alexandria, Virginia.
Sal Arnuk, partner, co-founder and co-head of equity trading of Themis Trading LLC, argues that high-frequency trading has broken the link between Wall Street and the "real" economy of Main Street. According to Arnuk, high frequency trading has cut out financial firms and middlemen who helped local investors enter the market.