NEWS
Chilton: Markets are Morphing
Katie Micik DTN Markets Editor
Tue Mar 19, 2013 04:12 PM CDT

SAN FRANCISCO (DTN) -- High-frequency traders are starting to look like the market's middlemen, but CFTC Commissioner Bart Chilton isn't sure they're fulfilling the fundamental purposes of price discovery and risk transfer.

High-frequency traders aim to make "microdollars in milliseconds," Chilton said, explaining that he nicknamed them "cheetahs" after the fastest land mammal. He also told attendees at the National Grain and Feed Association's annual convention that CFTC has very little oversight over these kinds of traders.

"These guys are zip, zip, in and out. They had a party while I was explaining how they do it. That's how fast ...

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