Joe Saluzzi

Joe Saluzzi co-founded Themis Trading in 2002 as an agency equity brokerage focused on institutional execution quality. With partner Sal Arnuk, he co-authored "Broken Markets" (2012), documenting concerns about HFT, dark pools, and market fragmentation. Saluzzi has testified before the SEC and Senate and is frequently quoted in financial media on market structure issues. Themis Trading's blog "Trades With Criminals" was one of the earliest and most persistent platforms calling attention to HFT-related market structure concerns before Michael Lewis's "Flash Boys" brought them to mainstream attention. His sustained public engagement on market microstructure — spanning congressional testimony, regulatory comment letters, media appearances, and continuous blog publishing — has positioned Saluzzi as one of the most credible institutional advocates for order routing transparency and retail investor protection in the ongoing debate about US equity market structure reform.