071: Eric Hunsader – Rigged markets, stealing, and corrupt regulators (with the founder of Nanex)

A big guest on the podcast this week—a man who for many won’t need any introduction, he is; Eric Scott Hunsader.

Eric started out as an algorithmic trader in the early 80’s, soon after became a self-taught programmer, and since then he’s written many software applications for financial data. But today, Eric is the founder of Nanex, a whole market streaming data feed, which transmits 20 billion data points every day.

Well-known for speaking out against the many issues that surround high frequency trading, Eric will tell you straight; HFT firms are stealing money, exchanges have rigged the market, and the regulators that allow this type of activity to continue are corrupt individuals.

Additionally we talk about quote stuffing, mini-flash crashes that occur on a daily basis, and why Eric recently received a $750,000 whistle-blower award from the SEC.