Trading Technology

11:30 AM
Justin Grant
Justin Grant
Commentary
Connect Directly
Google+
Twitter
RSS
E-Mail
50%
50%

HFT Firms Descend On Washington to Sway Regulation

High-frequency trading firms are beginning to pay to play. According to a Bloomberg News report, companies like Getco and Quantlab Financial are looking to combat a stricter regulatory environment by lavishing checks on politicians and hiring lobbyists to do their bidding in Washington.

High-frequency trading firms are beginning to pay to play.

According to a Bloomberg News report, companies like Getco and Quantlab Financial are looking to combat a stricter regulatory environment by lavishing checks on politicians and hiring lobbyists to do their bidding in Washington.

And soon-to-be House majority leader Eric Cantor, along with several other incoming Republican senators are among the top recipients, Bloomberg reports.

From Bloomberg:

Cantor, who helped spearhead his party's successful campaign to win the House back from Democrats, has been among the largest recipients of contributions from the industry, with he and his political action committee taking in $23,000 since last year, records show.

On Oct. 5, 2009, for example, eight top executives from Chicago-based Getco, including the chief executive officer, general counsel and chief financial officer, gave Cantor more than $10,000, records show.

He collected $1,400 the same day from James Simons, the legendary founder of Renaissance Technologies Corp., a hedge fund that engages in high-frequency trading. Other firms whose employees have contributed money to Cantor include Tradelink LLC and Traditum Group LLC.

No one at Getco has asked Cantor to discuss regulatory policy with the SEC, spokeswoman Sophie Sohn said.

As the Senior Editor of Advanced Trading, Justin Grant plays a key role in steering the magazine's coverage of the latest issues affecting the buy-side trading community. Since joining Advanced Trading in 2010, Grant's news analysis has touched on everything from the latest ... View Full Bio
Comment  | 
Print  | 
More Insights
More Commentary
One Size Fits Nobody in End User Services
How building profiles from employees' roles and behaviors can help optimize your end user services.
'Enlightened' Non-IT Execs More Likely To Run Secure Organization
Do senior executives understand their role in data security? On the whole, unsurprisingly, no.
No Screwups, Please, We’re Banks
Changing a bank's culture is not going to happen overnight, but having the right tools and levers in house will surely make a big difference over time.
You’re Doing BYOD Wrong: These Numbers Prove It
Almost 40% of users who connect personal mobile devices to corporate networks have no lock-screen mechanism set in place.
Citibank Brazil Deploys Award-Winning BPM Solution: Now What?
Citibank Brazil automated commercial customer onboarding and reduced cycle time by 70%. But how can a global organization harness the successes of its islands of solutions?
Register for Wall Street & Technology Newsletters
White Papers
Current Issue
Wall Street & Technology - Elite 8, October 2014
The in-depth profiles of this year's Elite 8 honorees focus on leadership, talent recruitment, big data, analytics, mobile, and more.
Video
Exclusive: Inside the GETCO Execution Services Trading Floor
Exclusive: Inside the GETCO Execution Services Trading Floor
Advanced Trading takes you on an exclusive tour of the New York trading floor of GETCO Execution Services, the solutions arm of GETCO.