[KorbenDallas]

Wall Street Is Rigged Update: HFT Defender and BATS CEO Admits He Lied on CNBC

Quote:

t is now quite clear why BATS CEO Bill O'Brien was so agitated during the Tuesday's screamfest on CNBC. As The Wall Street Journal's Scott Patterson reports, under pressure from the NYAG, BATS has hurriedly issued a statement correcting the CEO's false comments during the exchange with IEX's Brad Katsuyama. After Katsuyama said "you wanna do this, let's do this" clearly giving him an out, O'Brien stated that BATS priced its trades off 'high-speed' data feeds when in fact they price their trades off a much slower feed (and therefore 'enable' the exact HFT-front-running that is in question).

Intermediaries my ass. How the wicked squirm and shout when the truth is exposed...only to dig their hole deeper...

[samsamsam]

Fascinating. I didn't see the exchange on cnbc until now. That BATS guy is crazy. Couldn't control himself.

I liked the ending of the article.

Quote:

This leaves us with two possibilities, either:

1) The CEO of BATS has no idea what his firm actually does and is merely happy to earn an impressive amount of money skimming off the rest of the population of market traders no questions asked, or

2) The CEO of BATS is a liar and is merely happy to earn an impressive amount of money skimming off the rest of the population of market traders no questions asked.