Traders see SEC speed trap

Wall Street Journal
May 9, 2012

Investors and regulators blame high-speed traders and computer-driven exchanges for causing problems in the stock market, but the real culprit is the market’s own rules, said Blair Hull, founder of the Chicago investment firm Ketchum Trading LLC, to a conference of top finance experts, traders and regulators at the Owen Graduate School of Management. Hull’s comments were a rare criticism from an industry insider and illustrates how even sophisticated traders are concerned about the impact of high frequency trading on markets.