Jim McCoggin
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- Milken Institute49 min
Trust and the Markets: A Debate on High-Frequency Trading
Jim McCoggin, Rishi Narang, Katie, Amy Goodman, David Brooks, Jim Lecinski, Mark Blyth, Jr., Steve
Industry experts Jim McCoggin and Rishi Narang debated the evolution of high-frequency trading, analyzing how regulatory milestones like Decimalization and Reg NMS drove an arms race in automation while compressing profit margins to less than 0.1% of trade face value. The discussion highlighted a stark divide regarding market transparency, with McCoggin advocating for the elimination of dark pools and payment for order flow while Narang defended them as necessary tools for institutional protection. Both agreed that current market conduct rules have failed to keep pace with technology, necessitating SEC intervention to equalize data speeds and penalize excessive order cancellations without banning the practice itself.