W s Thursday, June 27, 2013
The Michigan Daily - michigandaily.com

Thursday, June 27, 2013
The Michigan Daily - michigandaily.com

TRADING
From Page 3
Michael Wellman, professor
of electrical engineering and
computer science who researches
computational finance, said the
University must always reconcile
its responsibilities in the public

which Fitzgerald said was needed
to fund the Survey of Consumers.
"The University is engaging in
this research that is ultimately
provided to the public," Wellman
said. "It costs the University
something to conduct the survey
and create this indicator."
He added that the early release
of data is fair if parties are aware
of the imbalance.
"The important thing is

disclosure," Wellman said. "If
someone is getting a two second
advantage, everyone should
understand that."
Fitzgerald said the options are
fully disclosed in the two parties'
contract and are advertised to all
customers. However, the CNBC
report reflected that some users
of the 9:55 a.m. conference call
were unaware of the "ultra-low
latency" option two seconds

prior. One called the undisclosed
two-second advantage
"disingenuous."
Uday Rajan, associate professor
at the Ross School of Business,
said even milliseconds are crucial
in the "intense competition" of
computerized trading.
"In each transaction, they
make an extremely small amount
of money," Rajan said. "But
the volume of transactions has

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lu i l l IEmail: dailydisplay@gmail.com

RELEASE DATE- Thursday, June 27, 2013
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become so huge in the last decade
or so, it can add up to a large
amount."
Computerized trading has
existed since the 1980s, Rajan
said. High-frequency trading, a
21st century invention, depends
on sophisticated computers
and algorithms that process
information in milliseconds.
Firms who use such technology
can process large quantities of
orders instantly.
A burst of trading activity was
noted at 9:54:57.975 on May 17 by
analysis firm Nanex. Within 10
milliseconds, more than 100,000
shares were exchanged and, 10
seconds in, $100 million were
traded.
The two-second advantage -
and certainly the five-minute
one - may provide an advantage
for traders whose stocks depend
on consumer expectations for the
market. If computers process that
American consumers have low
expectations for a salary raise, it
may result in the selling of stocks.
It is valuable for the trader that
other market participants are
unaware of consumer's low
expectations. In such a scenario,
traders who purchased the
9:54:58.000 a.m. option view
themselves as being in a better
position than those who views
consumer index information at
10 a.m.
Rajan said research has
not concluded whether high-
frequency trading is beneficial
or efficient, though he said the
media stigmatizes it for the large
quantity of money such traders
may generate. He added that it
provides a middleman for traders,
thus lowering the fees needed for
parties to trade shares.
However, Wellman said high-
-frequency trading introduces
unneeded costs, like specialized
hardware that is necessary for
traders to receive financial data
at the exact millisecond.
Wellman authored a 2013
paper with Engineering doctoral
candidate Elaine Wah that
revealed the flaws of a certain
type of high-frequency trading
called latency arbitrage.
Rajan said high-frequency
traders' existence could lower
participation with less market
participants, meaning less
competition.
"The other parties are aware
that these guys can move very
quickly and maybe more reluctant
to take part in trading," he said.
"That can be potentially harmful
to other traders in the market."

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DECISIONS
From Page 1
Justice Antonin Scalia wrote a
lengthy dissent,upbraidingthe court
for acting outside their jurisdiction.
Summarizing his dissent in the
courtroom, the conservative justice
said the majority opinion pawned
the Framers' vision for "the court's
moment in the spotlight."
Scalia wrote that the majority
opinion paints those opposed to
the universal marriage equality
as "the enemy of human decency,"
whereas, in reality the truth is
much more complicated as judges
and policymakers grapple with the
implications of having no federal
definition of marriage.
"The court has cheated both
sides, robbing the winners of an
honest victory, and the losers of the
peace thatecomes from a fair defeat,"
he wrote. "We owed both of them
better."
In a second case, the court
ruled 5 to 4 that the defendants
in Hollingsworth v. Perry had no
standing to bring their case before
the Supreme Court after a decision
in a lower court struck down
California's same-sex marriage
ban, a voter initiative known as
Proposition 8. While the court did
not rule on the constitutionality
of the ban, it allowed the lower
COURT
From Page 1
When the case returns to the
lower court, it must further assess
whether the University of Texas has
provided enough evidence to prove
it has upheld the admissibility of
affirmative action under previous
court precedent.
In the majority opinion, Justice
Anthony Kennedy said the
determining factor on race-based
admissions was whether or not the
program fitcertain strictcriteria.
"The Fifth Circuit must assess
whether the University (of Texas)
has offered sufficient evidence to
prove that its admissions program
is narrowly tailored to obtain the
educational benefits of diversity,"
Kennedy said.
The case had provided the court a
chance to review Gratz v. Bollinger
and Grutter v. Bollinger, two cases
involvingthe Universityandbearing
the name of former University
President Lee Bollinger.
In 2003, the court struck down
the University's practice of awarding

court's ruling to stand, thus allowing
same-sex marriages to resume in
California.
As a result, the decision leaves
state marriage bans, including the
one in Michigan, unaffected.
Though the court failed to expand
full marriage rights to same-sex
couples across the nation,supporters
outside the court heralded
Wednesday's rulings as victories,
despite their limitations.
Spilling onto the sidewalk
and pushing up the court's white
marbled steps,supporters held neon-
colored signs trumpeting slogans
such as "We are you," and "Marry
who you love." Holding small blue
flags marked with the movement's
symbolic equal sign, attendees
called for equality now, punctuated
by bursts of patriotic songs.
LSA sophomore Ashley Burnside
was outside the court when news
of the decisions spread through the
gathered crowd, numbering in the
hundreds.
"When people look back on this
moment, the end of DOMA is going
to be one of the biggest milestones,"
Burnside said, noting cameras and
iPhones that danced around her as
people attempted to capture and
share the moment on film.
She said the decisions are not
only significant in the fight for
marriage equality, but also have
the opportunity to spark new
conversations about LGBT rights.
pointstoadmissionscandidatesbased
on race, but upheld the use of race as
one of many factors in holistically
evaluating potential students.
University President Mary Sue
Coleman said in a press release that
she was content with the Court's
decision.
"Although Fisher does not
directly apply to us, we are pleased
that the Supreme Court has upheld
Grutter and continues to recognize
the educational benefits that come
with a diverse student body,"
Coleman said. "At the University of
Michigan, we remain committed to
building and maintaining diversity
on our campus, and we will continue
toworktowardthatgoalinwaysthat
comply with state and federal law."
While the court shied from
making a widespread determination
in the Fisher ruling, the court
has agreed to hear another case
involving affirmative action in
the fall. The case will concern
Michigan's Proposal 2 - a voter
initiative which citizens voted to
outlaw the use of race in college
admissions in the state.
Law School Prof. Richard Primus,
who specializes in constitutional

LSA senior Russ Hayes, chair of
the University's chapter of College
Republicans,wroteinastatementthat
many members of the organization
were pleased with the outcome ofthe
case - in contrast to many members
of the national party. A Pew research
study from March showed that only
25 percent of Republicans support
gay marriage; however, among
Republicans aged 18-29, that number
was up to 39 percent.
"Personally, I'm happy with the
results, asarealotoffolksI'vespoken
to inthe College Republicans,"Hayes
wrote. "The DOMA ruling reaffirms
the importance of federalism, a core
tenet of the Republican party."
The University's chapter of the
College Democrats was unavailable
for comment.
Dozens of college students
- many of whom skipped an
internship, class or college
orientation to witness the moment in
person - cited the decisions as both
a marker of progress and a rallying
call for further efforts in securing
marriage equality.
Similar sentiments were echoed
by politicians such as U.S. Senator
Carl Levin (D-Mich), who said
the decisions will ensure that the
constitutional rights of millions of
Americans are protected.
"Today's Supreme Court rulings
are victories for equality and for
simple human dignity," Levin wrote
in a statement. "I'm hopeful that
law, said while the ruling was a
surprise to many observers across
the political spectrum, some within
the legal community had expected
this outcome.
"One big takeaway from this
opinion is that 10 years later, the
Michigan model for affirmative
action remains the constitutional
standard," Primus said. "The court
today is more conservative than
it was 10 years ago. Most people
though Grutter wouldn't last. So far,
the Michigan model holds up."
Kennedy's decision to side with
the majority in this decision was
not unprecedented, Primus said.
Although he dissented in Grutter,
Primus said Kennedy recognizes
the need for diversity in higher
education and this ruling was
consistent with his principles.
"Justice Kennedy doesn't think
that affirmative action is always
unconstitutional, and you can't
get the sweeping ruling against
affirmative action without Justice
Kennedy," Primus said.
He said though Kennedy supports
diversity, he does not believe
affirmative action is an overall
solution.

our nation's centuries-long march
toward equality will continue to
move forward."
Beyond the Beltway, speakers and
supporters gathered in Kerrytown's
Braun Court to laud the merits of the
court's decisions.
Sandi Smith, president of the
Jim Toy Community Center, an
organization supporting LGBT
citizens in Washtenaw County,
helped facilitate the rally. She
has been with her partner for 18
years and said she will continue to
work towards improving rights for
Michigan's LGBT community.
Smith said the rulings provided
a basis to continue the fight for
equality in Michigan, citing the
number of advantages, such as
domestic partnerhbenefits, that were
not provided to members of the
LGBTQ community.
"We have (a) good foundation to
work from," She said. "There are
all kinds of things we need to do.
Marriage is just one of the pillars ...
today we celebrate. Tomorrow we
get back to work."
Rep. Jeff Irwin (D-Ann Arbor),
who appeared at Wednesday
evening's rally to applaud the
promise and historical nature of the
decisions, told The Michigan Daily
he plans to pursue every avenue
to realize marriage equality in
Michigan.
While the decision in
Hollingsworth v. Perry has opened
"Kennedy has said for years now
that universities have a compelling
interest in assembling diverse
student bodies, and that interest can
besufficienttojustifyrace-conscious
admissions - he's said that for years.
He's skeptical of (affirmative action).
He doesn't want it tobe used when it
isn't necessary."
Primus added that in Grutter,
Kennedy believed the court didn't
look carefully enough at whether
or not the University needed to use
race-based criteria for admission.
However, in Fisher v. the University
of Texas, the issue was what kind
of criteria the University of Texas
could use - assuming that it did
need to use affirmative action.
That assumption of whether or
not affirmative action is necessarycto
achieve a diverse studentbody at the
University of Texas is largelyswhat is
at stake in the circuit court. Because
the University of Texas may seek
to prove using statistics and other
evidence that affirmative action
policies were justified, the case may
devolve to a district court first since
these items cannot be heard in a
circuit court.
Later this year, the University

the door to another similar case
next session, Irwin has already
introduced a package of bills, along
with other state representatives,
that could negate Michigan's same-
sex marriagehban.
Though Irwin hesitated to predict
ifa completed lawwill arrive quickly,
he said he will continue to join gay
rights advocates and like-minded
elected officials in trumpeting the
cause. Irwin also noted a majority of
Michigan's population nowsupports
gay marriage, compared to the 59
percent of voters who passed the
same sex marriage ban, Proposition
4, in 2004.
While swiftly ushering this
legislation though Lansing will
remain a challenge, Irwin said
he encourages citizens continue
to communicate with their
representatives as he and his
colleagues work to bring more
conservative officials to the table. A
voter referendum is another option
Irwin said has notbeen ruled out.
Moreover, a U.S. district court
will hear a case this fall concerning
a Hazel Park couple who are
challenging the constitutionality
of the state's ban. Irwin said what
happens in that case could overturn
Michigan's Proposition 4.
While public opinion has swung
in favor of gay marriage in recent
years, the justices may again use
a waiting period before ruling
decisively on the issue.
will be more closely involved with
another case pending before the
SupremeCourt, Schuettev.Coalition
to Defend Affirmative Action. At the
heart of the case is the legality of
Michigan's 2006 ban on affirmative
action, Proposal 2. In November, the
Sixth Circuit Court sitting en banc
narrowly struck down the ban - but
delayed it going into effect pending
the Supreme Court's review of the
case.
Primus said the Fisher case
will have little to no bearing on
Schuette because the cases deal
with fundamentally different
issues. While Fisher dealt with the
necessity of affirmative action and
whether it was applied correctly,
Schuette focuses more on whether
states banning affirmative action
violate the equal protection clause
of the Constitution by not allowing
students to discuss the implications
of race on their applications even
while considering other non-
academic factors.
"(Fisher) is a case about what
a university can do," Primus
said. "Schuette is about what a
referendum can do. Those are the
constitutional questions."