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Intercontinental Exchange admits metals market vulnerability to rigging

Section: Daily Dispatches

'Flash Boys'-Style Speed Bump Planned for Futures Markets

By Nick Baker
Bloomberg News
Wednesday, February 13, 2019

Intercontinental Exchange Inc.'s futures market wants to join the battle against the fastest traders.

The Atlanta-based exchange plans a 3-millisecond trading delay, or speed bump, for its gold and silver futures contracts, according to a regulatory filing. The U.S. Commodity Futures Trading Commission today asked for public comment on the proposal.

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Michael Lewis's 2014 book, "Flash Boys," popularized the idea of using speed bumps to curb the light-speed pace of modern financial markets and prevent alleged abuses of so-called high-frequency traders. Lewis' protagonists, the founders of IEX Group Inc., introduced a delay on their stock exchange in 2016, and a tiny equities market ICE owns, NYSE American, also has one. But this latest move would bring a speed bump to derivatives markets.

The delay would be introduced “initially” for gold and silver, areas where ICE currently does very little business. An ICE spokesman declined to say whether it would later be applied to other markets. ICE is a leader in other products such as oil futures. ...

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