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Special Counsel Gary DeWaal Quoted in Bloomberg on Perks for Trading Firms

Firm News | June 19, 2014

Gary DeWaal, special counsel in the Financial Services practice, spoke with Bloomberg regarding incentives US futures exchanges grant to high-frequency traders. While exchanges say the programs are vital to getting products started, and that market makers who aid that process deserve compensation, such perks are also being blamed for helping fuel the explosion of high-frequency trading in the last decade or so. Gary said regulators are asking if "By offering an incentive program, are [exchanges] encouraging people to trade in ways they otherwise wouldn't?" He added that regulators endeavor to ensure that the buying and selling on the markets they oversee is bona fide. "It's an enforcement concern on the CFTC side." ("Perks Live Forever at CME Amid Review of Trade Incentives," June 18, 2014)

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