Appendix. Themis Trading White Papers
This section reproduces some of the key white papers we started publishing in 2008 to explain market structure issues to our institutional trading clients. After posting these papers to the Themis Trading website and blog, many of them caught the interest of the financial media, regulators, and legislators searching for answers to all the volatile market activity we have seen.
—Sal Arnuk and Joseph Saluzzi
Toxic Equity Trading Order Flow on Wall Street: The Real Force Behind the Explosion in Volume and Volatility
December 17, 2008
Retail and institutional investors have been stunned at ...