May 13, 2010
I realize this is passed the submission deadline of April 21.
I have been trading since 1995. I am currently the most active trading client with one of the largest online brokerage firms in the nation. I live and work in Washington, DC, several blocks from the SEC. I am willing to show whoever is interested how high frequency trading programs affect retail clients. I will execute as many trades as necessary at my own expense and the results will be very clear. I will even bring a lap top to the agency and demonstrate.
In a nutshell, I will point out a 1000 share offer of xyz company at 40.02 on ARCA. I will then send a limit order to buy 1000 shares of XYZ at 40.06 on ARCA. Two years ago I would receive a fill back in less than a second at 40.02. Now I receive multiple fills of small lots up to 40.06. The 1000 shares at 40.02 are taken by a trading program and offered to me at the higher price. I can demonstrate this as many times as necessary on a wide array of stocks.