A Tale of Two Issues: Breaking Down the HFT Debate

Zach ZiliakMarket Rules & Responsibilities, Operations, Video

Managing Partner Zach Ziliak has seen both sides of the HFT universe. A As a quant at an investment bank, he developed trading algorithms. As an attorney, he represents firms covering the whole Investment spectrum. As a participant in the AT 9000 initiative, he is working on the development of quality management standards for the testing of high frequency and other automated trading systems.  In this video, Zach discusses flash crashes, regulation and the public’s perception of high frequency trading.

Regulating Automated Trading

Zach ZiliakMarket Rules & Responsibilities

Ziliak Law Partner Zach Ziliak wrote a guest commentary on John Lothian News on 9/12/13; it is excerpted below. To read the full article, please click “read more.”

Guest Commentary: Regulating Automated Trading, Not Just Chilton’s Cheetahs

The Commodity Futures Trading Commission’s Technology Advisory Committee (CFTC TAC) met Thursday to address swap regulations and automated trading (AT). Most press attention focused on the CFTC’s “Concept Release on Risk Controls and System Safeguards for Automated Trading Environments,” which appeared in the Federal Register the same day. The Concept Release summarizes the agency’s thoughts on regulation of AT and solicits industry comments on 124 questions, with responses due December 11. [Read more…]

High Frequency Trading Rules: Three Part Harmony

Zach ZiliakMarket Rules & Responsibilities, Video

Prior to opening Ziliak Law, Zach Ziliak was invited by Marketswiki.tv to speak on HFT practices in January 2013. The full article (excerpted below) and video is available by clicking “read more.”

High-frequency trading (HFT) has been in the financial press a lot over the past several years. From the Flash Crash of 2010 to the collapse of Knight Capital in 2012, trading glitches and the negative impact of HFT on markets and investor confidence is well-documented. In this segment of the Restoring Customer Confidence series, Mayer Brown attorney Zachary Ziliak outlines the three sources that will address HFT and help restore customer confidence.

Ziliak says regulatory bodies will likely continue to address HFT guidelines, exchanges are imposing new fees on HFT practices and AT 9000, standards system for HFT practices, will help establish a higher bar for HFT participants. [Read More…]

Roundtable Recap: SEC’s Technology Panels, October 2012

Zach ZiliakMarket Rules & Responsibilities, Operations

Ziliak Law Partner Zach Ziliak wrote a “featured commentary” for MarketsReformWiki in October, 2012.

Roundtable Recap: SEC’s Technology Panels, October 2, 2012

On Tuesday October 2, 2012, technologists from automated trading companies told the Securities and Exchange Commissionthat the industry would benefit internally from enhanced quality control and externally from the adoption of safeguards like “kill switches.” [Read more…]