Nanex Research

Nanex ~ 30-Apr-2013 ~ There is No Stock Market Regulator

At 16:30 on April 30, 2013, the stock of Paychex, Inc. (Symbol: PAYX, Market Cap: $13 Billion) was hit with a High Frequency Trading algo that manipulated another algo into buying high and selling low. We've seen this algo many times before:

Which is why we are convinced there is no regulator in today's stock market. Except maybe once a year.

1. PAYX - Nanex Tick Chart. (How to read this chart).

2. PAYX - Trades color coded by reporting exchange.
The grey shading is the National Best Bid/Offer (NBBO). Note how is oscillates wildly, causing trades at the extremes.

3. PAYX - Bids and Asks color coded by reporting exchange.

4. PAYX - Trades color coded by reporting exchange. Zoom 1.

5. PAYX - Trades color coded by reporting exchange. Zoom 2.

6. PAYX - Trades color coded by reporting exchange. Zoom 3.

7. PAYX - Trades color coded by reporting exchange. Zoom 4.

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