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
Micro Data Challenges in an Era of Macroprudential Regulation
Research and statistical analysis experts at central banks are tasked with developing sophisticated forecasts and models to identify systemic risk. Yet they are spending most of their time acting as data entry clerks, rather than developing these models.
The Perks of 'SmartSourcing' Shared Services in Financial Industry
A breadth of vital but undifferentiated business processes are still being replicated across the industry. They are all candidates for centralization.
Managing Social Media Risk Strategy: Technology Can Only Go So Far
Advanced analytical technologies are an important part of a social media risk management strategy, an Accenture report says, but the technology must be balanced with training and procedures.
Cross-Asset Universal Product Identifier: The Solution the Industry Is Looking For?
A UPI will enable a holistic approach to identifying all trades and positions. While such an idea sounds great in theory, historical attempts at achieving global agreement have fallen short.
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.