What Is The Best Shemitah Year Stock Market To Buy In 2020?

Published Sep 26, 21
4 min read

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If it's so complicated you can't understand it, then you can't question it."Michael Lewis is not the first person to allege the stock market is rigged or that high-frequency traders are front running the market but he was the first to find Brad Katsuyama, who is the first to figure out how it was being done.

The market seemed to be willing to sell a stock. But the minute he went to buy it, someone else bought it, the stock went up. It was as if someone knew what he was doing before he did it. RBC trading floor in New York City Back in 2008, Katsuyama was 30 years old and running the Royal Bank of Canada's stock desk in New York with 25 traders working for him.

It kept happening over and over again. Brad Katsuyama: The best analogy I think is that your family wants to go to a concert. You go onto Stub, Hub, there's four tickets all next to each other for 20 bucks each. You put in an order to buy four tickets, 20 bucks each and it says, "You've bought two tickets at 20 bucks each." And you go back and those same two seats that are sitting there have now gone up to $25.

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I couldn't get answers. At first, Katsuyama thought the technology at RBC was slow, until he went to Stamford, Conn., and paid a visit to one of the largest hedge funds in the world. Brad Katsuyama: The same thing that I was experiencing as a trader, one of the most sophisticated hedge funds in the world was also having the same problem.

And I'm like, "Holy crap, I have no idea what they just said."Ryan had done work for the high-frequency traders. He knew what they were building and he knew about the colossal amounts of money they were prepared to spend. He told Brad about a company called Spread Networks that had laid a high-speed fiber optic cable from the futures market in Chicago to the exchanges in New Jersey.



Michael Lewis: From Brad Katsuyama's point of view, when he heard they were willing to spend that kind of money for milliseconds it told him the sums involved were vast. That was one of the first questions he said he had. He says, "All right, I'm getting ripped off. Everybody's getting ripped off.

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Ronan Ryan also knew where all the cable was buried and had detailed maps of the fastest routes from the financial district in lower Manhattan to the various stock exchanges in New Jersey, all calculated down to the millisecond. Ronan Ryan: So I would sit there, roll out maps, and roll out this data center as a box and a line going through it.

And then I'd be like, "Hey are you guys aware of where these data centers are located? Of course you're arriving there at different time intervals."For Brad, the maps turned what had been an abstract idea into something he could actually see. The first place his orders were landing was the BATS Exchange across the river in Weehawken, N.J., and high-frequency traders were lying there in wait.

I'm being front-runned because my signal gets to the BATS Exchange first and they can beat me to all the, all the other exchanges."It only took a tiny fraction of a second for Brad's trade to reach the next exchanges on the network, but the high-speed traders were able to jump in front of him, buy the same stock and drive the price up before his order arrived, producing a small profit of just one or two pennies.

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Ronan Ryan: That adds up. Steve Kroft: You make it sound like a skim. Ronan Ryan: What else would you call it? Michael Lewis: One hedge fund manager said, "I was running a hedge fund that was $9 billion and that we figured that the, just our inability to, to make the trades the market said we should be able to make was costing us $300 million a year." That was $300 million a year in someone else's pocket.

That's the thing that's so shocking about all this. It should...Steve Kroft: Well you used the word front running. Front running's illegal. Michael Lewis: This form of front running is legal. It's legalized front running. It's crazy that it's legal for some people to get advance news on prices and what investors are doing.

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