April 5, 2010
My name is Victor Shakerchi. Ive been a proprietary trader at Bright Trading since 1999. Married with three children, and a couple of years of college completed, I never would have had the opportunity to earn a living if it weren't for the opportunity Bright Trading and proprietary trading has offered me. I have earned a modest living for the past ten years, and that income has been threatened by a handful of super-computers
co-located next to exchange servers sending flash orders by for the sole purpose of gaming the market. I know there are thousands of traders like myself, whose livelihood have been treatened. My business, like other traders, will eventually be eliminated because of a technicality that allows these programs to unfairly interfere with a fair and transparent market. What we need, so eventually we traders are not all put out of business, is too make sure these programs allow the markets to trade fairly, without interference from algorithms. Protect our jobs, we don't need more hard working people put out of business, or unemployed, because of computer programs that unfairly trade (price is not disclosed because of sub pennies, or "dark pools") for a handful of programmers, with programs using mathematical models that may have put our whole economy on the brink recently. People, not programs, make markets.