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Duncan Niederauer

The Unspoken Problem of High-Frequency Trading

The ticking sound from the nostalgic 60 Minutes stopwatch had barely faded from our screens before Wall Street pros took their turn to respond to Michael Lewis' salacious comments about a rigged stock market.  Within seconds, Twitter posts from some of The Street's most seasoned ambassadors unsurprisingly agreed about the toxic world of High Frequency Trading ("HFT"); but many wondered aloud how this story didn't break any news.In the fall of 2007, NYSE honcho, Duncan Niederauer spoke at the annual Argus Investor Conference at the Yale Club and dropped a line that many suspected in thought, but never heard in public: The NYSE intended to convert itself into an all-electronic, 24/7, market center.  The idea was to utilize technology to match buyers with sellers, which could easily be obtained by eliminating the human element.The reaction from the crowd of analysts, economists and strategists in attendance was compelling: This would be a game-changer for the markets and, more importantly...

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