The U.S. Senate Permanent Subcommittee on Investigations is holding hearings tomorrow on high-frequency trading (HFT), specifically in the Homeland Security and Government Affairs Subcommittee.
Not a surprise, given the recent interest in HFT, but the lineup is a bit strange.
The first panel consists of Brad Katsuyama of IEX and Robert Battalio, a professor from Notre Dame.
As for the rest of the panel, Battalio has recently written a paper somewhat critical of brokerage firms taking payments for their order flow, implying that some may be routing to venues for economic benefits that are not consistent with best execution requirements.
He is likely to call for more disclosure from the brokerage firms, but it's unlikely he is going to engage in wholesale bashing of HFTs.