Our work in this area has included numerous issues related to order handling, allegations of front running, rules involving price quoting, clearing and settlement, uncovered short sales, best execution, markups, and trade reporting.Securities industry participants struggle to innovate and compete within an environment of constant regulatory and technological changes and ever evolving market structures. These dynamics have led to conflicts over the interpretation of rules, often manifesting in the form of regulatory investigations, disciplinary proceedings, and private litigation. Such actions have involved nationally registered securities exchanges, clearing agencies, alternative trading systems, broker-dealers, investment advisors, institutional investors, and both professional and retail traders. Cornerstone Research has worked on a variety of matters involving market microstructure issues. These typically require analyzing large datasets of trades and prices in order to illustrate the economic rationale that may have been the reason for the issue at hand, demonstrate materiality, and estimate damages. Our work in this area has included numerous issues related to order handling, allegations of front running, rules involving price quoting, clearing and settlement, uncovered short sales, best execution, markups, and trade reporting. We have:
High Frequency TradingCornerstone Research staff also has experience working on various aspects of high frequency and low latency trading, performing forensic reconstructions of market turmoil and malfunction. Our work in this area has included:
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