“One millisecond is not de minimis in any context except from the perspective of a human trader,” Hudson River’s head of business development Adam Nunes wrote.
The new boundary would give exchanges unprecedented freedom to experiment with time delays as long as they fall under one millisecond, a potential headache for the entire trading community, NYSE said.
“We hope the Commission is considerate in moving forward with it,” said Brendon Weiss, co-head of government affairs at Intercontinental Exchange Inc., NYSE’s parent company, in an e-mailed statement. “There are some major issues that could come from this proposal that may not be to the greatest benefit to investors and public companies.”
Nasdaq CEO Robert Greifeld invoked a similar theme, speaking at an industry conference last week.
“If a millisecond is de minimis, you bring a new dimension to order types which is not available to us now,” Greifeld said at a Securities Industry and Financial Markets Association conference in New York.