Keith Ross on Market Structure

Barry Ritholtz is a Bloomberg View columnist. He founded Ritholtz Wealth Management and was chief executive and director of equity research at FusionIQ, a quantitative research firm. He blogs at the Big Picture and is the author of “Bailout Nation: How Greed and Easy Money Corrupted Wall Street and Shook the World Economy.”
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This week on our Masters in Business podcast, we speak with Keith Ross, chief executive officer of PDQ Enterprises, owner of a so-called alternative-trading system and a dark pool. Previously, he was CEO of high-frequency trading firm Getco.

In our conversation, we discuss high-frequency and algorithmic trading, what they mean for institutional trading, changes in market structure during the past 30 years and the proper role of the exchanges. Among the things we touched on: fragmentation, front-running, co-location, packet-sniffing, spoofing, quote-stuffing and walking away.


You can listen to the show on Bloomberg Radio, stream the full podcast or download it on Apple iTunesBloomberg, or SoundCloud. All of our earlier podcasts are at iTunesSoundcloud and Bloomberg.

This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.

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Barry Ritholtz at

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