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March 26, 2012

Better Markets Applauds CFTC for Selection of Joe Saluzzi for High-Frequency Trading Panel

Dennis Kelleher, president and CEO of Better Markets, a nonprofit, nonpartisan organization that promotes the public interest in financial reform, applauded the Commodity Futures Trading Commission for selecting Joe Saluzzi of Themis Trading as a reform voice to an advisory panel on high-frequency trading.

Mr. Kelleher praised the CFTC for convening the panel that will develop recommendations for defining high-frequency trading, and including a market expert who has warned about the damage such trading can cause.  Better Markets had nominated Mr. Saluzzi, co-founder of Themis and an expert in electronic trading, to the panel.

“The CFTC made a great pick in putting Joe Saluzzi on the panel because his voice needs to be heard against an industry that too frequently sees no problems with the negative effects caused by high-frequency trading.  Joe knows the problems from the inside, and can speak with authority on how HFT has placed our markets, economy, and financial security at risk,” Mr. Kelleher said.

Better Markets has been concerned about certain high-frequency and algorithmic trading, arguing it should be banned as a disruptive practice. Regulators could also issue new rules, such as speed limits, to better protect the public and the markets.

For more information, read our comment letters on the dangers posed by high-frequency trading.

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