Subject: File No. Equity Market Structure 2013
From: Dennis Bernhard

April 11, 2018

ETF professional day trading seems to be overly influencing markets. It is difficult to understand why the intra day volume of ETF's should not be examined more closely. There is no way the minute by minute volume (eg XLF, XLI, VXX) are retail trades. Thinking is this volume sets a directional pressure for arbitrage purposes. This arbitrage appears self serving bordering on manipulation? It is especially hard on the underlying stocks who have no choice if they are part of an EFT or not. Maybe some companies wish they could opt out of an ETF??

Further, it appears more ETF's trade intraday than actually exist? How can this be? I imagine there are some real interesting negotiations at end of day to clear in balances that again are NOT retail.