October 7, 2009
To: SEC
I am an equity trader, and think the ban on the flash order is a good start.
I not only think the flash order is unfair, but also think the high frequency trades are unfair as well.
What I've noticed as an active equity trader is that I see tons of fake bids and offers. When the stock looks like there are liquidity, when only 100 shares gets printed rest of the orders just disappears. I strongly think thats manipulation. I think there should be time restrictions on the bid and offer that are shown to the public. For example, whoever putting the bid or offer must be there for at least 1 second.