On page C1 of tomorrow’s Wall Street Journal, there is an article about a newly identified problem on Wall Street – high frequency trading. According to the article, latency arbitrage is a type of high frequency trading that benefits very sophisticated hedge funds and institutional investors. Of course, that means it also hurts people like you and me. (Unless, of course, “you” happen to be a high frequency trader…..or a broker collecting the extra commissions it generates.)
The bad news for Moxy Vote is that it means the Commission will have to deal with this apparently pressing problem. So, fixing the proxy voting process may not get moved to the front of their agenda any time too soon.
But the good news is that TFS Capital, an investor in Moxy Vote, led the charge in identifying certain problems with high frequency trading. TFS has been a long-time outspoken critic of these problems and its efforts in this area are specifically mentioned in the WSJ article.
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