Eric Hunsader

Eric Hunsader founded Nanex LLC as a market data services company that provides consolidated equity market data to institutional clients. Nanex became known beyond its commercial services for Hunsader's detailed, often visual analyses of high-frequency trading behavior in equity markets. Using microsecond-level timestamp data, Nanex documented a range of unusual market phenomena including "quote stuffing" (the practice of placing and rapidly canceling large numbers of orders to overwhelm competitors' systems), and various structural issues in fragmented equity markets. His research on the 2010 Flash Crash — a rapid market decline of nearly 1000 points and recovery within minutes — helped document the role of automated trading in that event. Hunsader regularly published analyses that brought complex market microstructure phenomena to broader attention.