title: Matt Brown (fighter)

text: Brown faced Carlos Condit on January 16, 2021 at UFC on ABC 1. He lost the fight via unanimous decision.


title: Matt Brown (fighter)

text: Brown faced Dhiego Lima on June 19, 2021 at UFC on ESPN 25. He won the fight by knockout in the second round. This fight earned him the "Performance of the Night" award.


title: Matt Brown (fighter)

text: Brown was scheduled to face Bryan Barberena on December 4, 2021 at UFC on ESPN 31. However, Brown forced out of the bout due to testing positive for COVID-19. The bout against Brown was rescheduled and eventually took place on March 26, 2022 at UFC on ESPN 33. Brown lost the back-and-forth bout via split decision. The fight was awarded the "Fight of the Night" award.


title: Matt Brown (fighter)

text: Matt Brown is the owner of Immortal Martial Arts Center and the Co-founder and Co-owner of Immortal Coffee.


title: Matt Brown (fighter)

text: Brown is an avid heavy metal fan, and was in the crowd when former Pantera guitarist Dimebag Darrell was murdered on stage while performing with his new band Damageplan on December 8, 2004. Brown approached heavy metal vocalist Jamey Jasta of the band Hatebreed to write his UFC entrance theme song. The song, titled "The Immortal", was released on iTunes on March 10, 2015.


title: Matt Brown (fighter)

text: Brown also appears on "The Great MMA Debate" podcast alongside Mark Coleman, Damon Martin, and Jeremy Loper.


title: Matt Brown (fighter)

text: On the morning of May 15, 2016 in Curitiba, Brazil, Brown was attacked in public by his former jiu-jitsu coach Rodrigo Botti. The assault began in the hotel lobby where Brown was staying, and escalated outside where it was witnessed by a number of bystanders. The attack was captured on video and Botti was detained by another man until the police arrived at the scene.


title: Matt Brown (fighter)

text: After his fight with Jake Ellenberger, Brown recalled having serious post-concussion symptoms, often slurring speech and having trouble with short-term memory. His wife, Colleen Brown, has also stated that Matt's memory is "not as sharp as it once was". He stated he has doubts continuing to fight due to his concussion. Months later he was knocked out by Donald Cerrone via headkick.


title: Matt Brown (fighter)

text: Brown's moniker, "The Immortal", was coined by his friends after his drug overdose and near death experience.


title: Mongrel Mob

text: The Mongrel Mob (sometimes self-labelled as the Mighty Mongrel Mob or colloquially known as the Mob) is an organised street gang and Prison gang based in New Zealand. With a network of more than thirty chapters throughout the country and additional operations in Australia and Canada, the Mob is the largest gang in New Zealand. They are especially active in the King Country, Ōpōtiki, Waikato and Hastings. The Mongrel Mob's main rival is the Black Power gang; there have been several very public and violent clashes between the two gangs over the years.


title: Mongrel Mob

text: The gang began with a group of mainly New Zealand European youths from Wellington and Hawke's Bay in the 1960s. Legend within the gang holds that the name originated from the comments of a judge in the Hastings District Court, who referred to a group of men before him as mongrels. Whatever the origin, the group embraced the term. By the late 1960s loose groups of rebellious young men in Wellington and Hawke's Bay were calling themselves Mongrels. By 1966 they were wearing patches bearing the name 'Mongrel Mob'.


title: Mongrel Mob

text: By about 1970 the Mongrels were also known as the Mongrel Mob, and the gang had expanded to include numerous Māori. Members consider Hastings in Hawke's Bay to be the gang's "Fatherland" or birthplace, and the gang first became known for its violence in Hawke's Bay. Later, similarly named groups sprang up around the country, forming their own independent chapters.


title: Mongrel Mob

text: In the 2000s and 2010s, the Mongrel Mob began expanding into parts of Australia. In 2018 they also expanded into Canada.


title: Mongrel Mob

text: Mongrel Mob colours are predominantly red and black. The patches usually feature a British Bulldog wearing a German Stahlhelm, which supposedly is an image intended to offend as it is a British Bulldog wearing the helmet. The patch is worn on the back of "patched members": those considered loyal and trustworthy enough to be in the gang. The patch will also be tattooed on the member's body. Mob members are known for their tattooed faces and red bandannas.


title: Mongrel Mob

text: The gang claims it offers a surrogate family for young men, most of whom are often alienated from their family via joining. A majority of members are Māori, European or other Polynesian ethnic groups, with Māori predominating.


title: Mongrel Mob

text: A "prospect" is a person who is loyal to the gang but is not a "patched member" yet and must normally do errands or "missions" to show his loyalty to his gang. A prospect normally has a patched member to report or "clock in" to. This patched member normally decides when it is time for the prospect to be "patched".


title: Mongrel Mob

text: The hierarchy is: captain or president, vice president, sergeant at arms, patched members, prospects. In some cases they use younger blood gangs as prospects.


title: Mongrel Mob

text: There were 934 members in prison in April 2013, making up more than a tenth of all New Zealand prisoners. In the Wellington region, there were an estimated 194 patched members in 2013.


title: Mongrel Mob

text: In 2001, the New Zealand Police launched Operation Crusade, a long police surveillance operation of the Christchurch-based Mongrel Mob Aotearoa chapter. The main purpose of the Operation was to disrupt and destroy a suspected drug sales-ring controlled by the Mongrel Mob. Over a 15-month period, the Operation targeted the gang using taps on the phones of known Mongrel Mob Aotearoa members and undercover police buying drugs from the gang. The operation culminated in co-ordinated raids resulting in nearly 40 arrests and a "huge trial" in the High Court at Christchurch.


title: Mongrel Mob

text: Operation Walnut was a four-month long investigation targeting an organised methamphetamine supply-and-distribution ring operating out of the Mongrel Mob Porirua in the Wellington region. The investigation began in December 2016 when New Zealand Police officers infiltrated the Mongrel Mob via placing undercover officers as associates of the organisation, where they would buy methamphetamine from the gang. As well as undertaking 8 search warrants in the Wellington region, the Operation also targeted a property in the East Auckland suburb of Howick where the Mongrel Mob is suspected of importing the methamphetamine. The operation involved another 150 New Zealand Police officers, with 120 operating in the Wellington raids and the remaining 30 operating in the Auckland raids. From December 2016 to April 2017, it is thought that the Mongrel Mob had distributed over 20 kilograms of methamphetamine, valued at over $18 million.


title: Mongrel Mob

text: The first day of raids led to the confiscation of a Mercedes-Benz, a container property, 2 kilograms of methamphetamine, $450,000 in cash, two stolen motorbikes valued at $30,000, and over 13 vehicles, a jetski, 2 boats, valued at $1.8 million. The second day of the raids led to 7 arrests, as well as grenades, money, 2 kilograms of methamphetamine, locked safes, and 11 guns being found and confiscated. The Operation culminated in 14 arrests; 4 kilograms of methamphetamine, valued at $3.6 million; $2.3 million in property; and $500,000 in cash being confiscated.


title: Mongrel Mob

text: In October 2017, Operation Notus was launched because of community concern in regards to the Mongrel Mob Kawerau and their alleged involvement in the 'commercial distribution of methamphetamine and cannabis' within the community. The six-month-long investigation involved over 300 New Zealand Police staff, including the Auckland-based National Organised Crime Group, Tauranga-based Armed Offenders Squads, and the locally based Asset Recovery Unit. The investigation proved the community concern to be accurate, and led to the arrests of over 30 members, and associates, of the Mongrel Mob Kawerau. The final number of arrested associates stood at 38 arrested, with more arrests likely to occur


title: Mongrel Mob

text: The investigation culminated with the raids of over 40 properties, in Kawerau, Ōpōtiki, Whakatane; and 3 properties in Gisborne and Hastings; leading to the subsequent arrest of the 30 associates. Along with the arrests, the police confiscated over 25 firearms, over $2.6 million worth of methamphetamine, over $100,000 in bank accounts as well as over 100 cannabis plants. Also confiscated were residential property, boats, jet-skis, motorcycles, and cars. Eastern Bay of Plenty Area Commander Inspector Kevin Taylor said, "We are committed to protecting our communities from the harm caused by organised crime and today's arrests will go a long way to disrupting the supply of methamphetamine and cannabis in Kawerau and wider Bay of Plenty region." Kawerau is commonly known as a 'red-town', a town that is known to be a Mongrel Mob stronghold.


title: Mongrel Mob

text: In 2005, the Mongrel Mob Notorious chapter and its President Roy Dunn started a labour-hire business to do painting, demolition, and other work. Dunn said, "We are setting this up for our kids, creating the employment, bringing them in." A search on the New Zealand Companies Office showed that Dunn was a joint-shareholder in two companies, both named Rent A Bro Limited at one point, however the older company's name was changed to BRO 2007 Limited in 2011, just months before the second company was incorporated. BRO 2007 was incorporated in 2007 as "Rent A Bro Limited" and changed its name to BRO 2007 Limited in 2011 and subsequently removed from the company registry in 2012. Rent A Bro Limited was incorporated in 2011 and was removed from the company registry in 2013.


title: Mongrel Mob

text: In 2010, Dunn and his Māngere-based Notorious chapter announced the Hauora Programme partnership with the Salvation Army to combat methamphetamine drug use. By 2013, they had completed five intakes of 'P' users who wanted to rid themselves of addiction. In a press release via The Salvation Army, Dunn stated, "When our whanau arrive at rehab, we discover how some of them have been living—and the effects of this on their kids. Many onlookers could say that we do things to excess, and maybe that is true. Our journey so far has been about learning. We still do and get things wrong because we don’t necessarily know how to do things differently. I ask my leaders all the time to consider changing what they know for a different way. I haven’t always had total acceptance of this journey. It continues to be one step at a time... ...As our rehabs have progressed—we have just had our fifth rehab programme—I ask myself, has this journey been worth it? I guess my answer is that every time I bury another one of my bros, my gut turns, and so I keep going on this journey. I remind myself of where we have come from and our vision to see our children free. Our vision to know and understand values that see us embrace that which we are good at: being whanau, looking out for each other, and having a good future for our kids."


title: Mongrel Mob

text: In mid July 2021, Prime Minister Jacinda Ardern confirmed that she and several Government ministers including Grant Robertson, Poto Williams and Kris Faafoi had approved $2.75 million in funding to support the Mongrel Mob-led Kahukura drug and trauma rehabilitation scheme. The scheme is run by the charity Hard2Reach which aims to address trauma and drug abuse through a live-in marae based in Waipawa using funds from criminal proceeds that had been seized by the Police. The Ministry of Health also confirmed that it supported the Kahukura proposal to receive funding under the Proceeds of Crime, which is run by the Ministry of Justice. The Government's support for the Kahukura scheme was criticised by the opposition National Party leader Judith Collins and Simeon Brown, Sensible Sentencing Trust co-leader Darroch Ball, and mental health advocate Mike King.


The Progressive Conservative Party of Canada (PC; ) was a centre-right federal political party in Canada that existed from 1942 to 2003.


title: Progressive Conservative Party of Canada

text: From Canadian Confederation in 1867 until 1942, the original Conservative Party of Canada participated in numerous governments and had multiple names. In 1942, its name was changed to the Progressive Conservative Party under the request of Manitoba Progressive Premier John Bracken. In the 1957 federal election, John Diefenbaker carried the Tories to their first victory in 27 years. The year after, he carried the PCs to the largest federal electoral landslide in history (in terms of proportion of seats). During his tenure, human rights initiatives were achieved, most notably the Bill of Rights. In the 1963 federal election, the PCs lost power. The PCs would not gain power again until 1979, when Joe Clark led the party to a minority government victory. However, the party lost power only nine months later. In 1983, Clark lost his leadership role to Brian Mulroney, who helped the PC Party gain popularity in Quebec. Mulroney won back-to-back majority governments in 1984 and 1988, and during his tenure, major economic reforms such as the North American Free Trade Agreement and the goods and services tax (GST) were introduced.


text: The unpopularity of the GST, the government's failed attempts with the Meech Lake and Charlottetown accords, and the early 1990s recession, caused the party to become heavily unpopular, and thus collapse in the 1993 federal election, winning just two seats. Western Canadian PC support transferred to the more right-wing Reform Party, whereas PC support from Quebec transferred to the sovereigntist Bloc Québécois. Ultimately, the Progressive Conservatives did not recover in the subsequent 1997 and 2000 federal elections. When it became clear that neither the Progressive Conservatives nor the Reform Party/Canadian Alliance (the latter being the successor of the Reform Party) could defeat the incumbent Liberals that governed since the 1993 election, an effort to unite the right-of-centre parties emerged. In 2003, the party membership voted to dissolve the party and merge with the Canadian Alliance to form the modern-day Conservative Party of Canada.


text: The federal Tories governed Canada for over 40 of the country's first 70 years of existence. However, the party spent the majority of its history in opposition as the nation's number-two federal party, behind the Liberal Party of Canada. From 1896 to 1993, the Tories formed a government six times—from 1911 to 1921, briefly in 1926, from 1930 to 1935, from 1957 to 1963, from 1979 to 1980 and from 1984 to 1993. It stands as the only Canadian party to have won more than 200 seats in an election—a feat it accomplished twice: in 1958 and 1984.


text: The party suffered a decade-long decline following the 1993 federal election and formally dissolved on December 7, 2003, when it merged with the Canadian Alliance to form the modern-day Conservative Party of Canada. The last meeting of the Progressive Conservative federal caucus was held in early 2004. The Conservative Party of Canada took power in 2006 and governed under the leadership of Stephen Harper until 2015, when it was defeated by the Liberal Party under Justin Trudeau.


text: Between the party's founding in 1867 and its adoption of the "Progressive Conservative" name in 1942, the party changed its name several times. It was most commonly known as the Conservative Party.


text: Several loosely associated provincial Progressive Conservative parties continue to exist in Manitoba, Ontario, New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland and Labrador. As well, a small rump of Senators opposed the merger, and continued to sit in the Parliament of Canada as Progressive Conservatives. The last one of them rescinded their party status in 2016. The Yukon association of the party renamed itself as the Yukon Party in 1990. The British Columbia Progressive Conservative Party changed its name to the British Columbia Conservative Party in 1991. Saskatchewan's Progressive Conservative Party effectively ceased to exist in 1997, when the Saskatchewan Party formed – primarily from former PC Members of the Legislative Assembly (MLAs) with a few Saskatchewan Liberal MLAs joining them.


text: The party adopted the "Progressive Conservative" party name in 1942 when Manitoba Premier John Bracken, a long-time leader of that province's Progressive Party, agreed to become leader of the federal Conservatives on condition that the party add "Progressive" to its name. Despite the name change, most former Progressive supporters continued to support the Liberal Party of Canada or the Co-operative Commonwealth Federation, and Bracken's leadership of the Conservative Party came to an end in 1948. Many Canadians simply continued to refer to the party as "the Conservatives".


text: A major weakness of the party since 1885 was its inability to win support in Quebec, estranged significantly by that year's execution of Louis Riel. The Conscription Crisis of 1917 exacerbated the issue. Even though the Conservative Party of Quebec dominated politics in that province for the first 30 years of Confederation at both the federal and provincial levels, in the 20th century the party was never able to become a force in provincial politics, losing power in 1897, and dissolving in 1935 into the Union Nationale, which took power in 1936 under Maurice Duplessis.


text: In 20th-century federal politics, the Conservatives were often seen as insensitive to French-Canadian ambitions and interests and seldom succeeded in winning more than a handful of seats in Quebec, with a few notable exceptions:


text: The party never fully recovered from the fragmentation of Mulroney's broad coalition in the late 1980s resulting in part from the failure of two provinces to ratify the Meech Lake Accord. Immediately prior to its merger with the Canadian Alliance, it held only 15 of 301 seats in the House of Commons of Canada. The party did not hold more than 20 seats in Parliament between 1993 and 2003.


text: The party pre-dates confederation in 1867, when it accepted many conservative-leaning former members of the Liberal Party into its ranks. At confederation, the Liberal-Conservative Party of Canada became Canada's first governing party under Sir John A. Macdonald, and for years was either the governing party of Canada or the largest opposition party. The party changed its name to the Progressive Conservative Party of Canada following the election as leader of Progressive Party of Manitoba Premier John Bracken in December 1942, who insisted on the name change as a condition of becoming leader.


text: The Progressive Conservative Party was generally on the centre-right on the political spectrum. From 1867 on, the party was identified with Protestant and, in Quebec, Roman Catholic social values, British imperialism, Canadian nationalism, and constitutional centralism. This was highly successful until 1920, and to that point in history, the party was the most successful federal party in the Dominion.


text: As such, Canadian conservatism historically initially more closely resembled that which was practised in the United Kingdom and, to an extent, Europe, than in the United States. The "Tory" approach worked well for the party until 1917, when, as was common amongst 19th-century conservative movements, Canadian Tories opposed the rollback of government intervention in social and economic matters advocated by the liberals of the era. In contrast to "American conservative" counterparts, however, they did not undertake as dramatic an ideological turnaround in the first half of the 20th century by continuing to follow mercantilism and nascent notions of the welfare state.


text: Like their federal Liberal rivals, the party defined itself as a "big tent", welcoming a broad variety of members who supported relatively loosely defined goals. Unlike the Liberal Party, there was a long history of ongoing factionalism within this tent. This factionalism arose from the party's lack of electoral success, and because the party often reached out to particular political groups in order to garner enough support to topple the Liberals. These groups usually remained semi-autonomous blocs within the party, such as Quebec nationalists and western Canadian Reformers in the 1980s. In later years, observers generally grouped the PC Party's core membership into two camps, "Red Tories" and "Blue Tories".


text: Red Tories tend to be traditionally conservative, that is, "Tory" in the Disraelian sense in social policy, placing a high value on the principles of "noblesse oblige", communitarianism, and One nation conservatism—and were thus seen as moderate (in the context of classical economic thought) in their economic policy. For most of their history they were trade protectionists, engaging in free-trade economics in only a limited fashion, as in Empire Free-Trade. Historically they comprised the largest bloc of the original Canadian Conservative party. Notable Red Tories include John Farthing, George Grant, John Diefenbaker, E. Davie Fulton, Robert Stanfield, Dalton Camp, W. L. Morton, William Davis, Joe Clark and Flora MacDonald.


text: Blue Tories, on the other hand, were originally members of the Tory elite drawn from the commercial classes in Montreal and Toronto. Prior to World War II, they were generally conservative in social policy, and classically liberal in economic policy. From 1964 on, this cadre came to identify more with neo-liberal influences in the US Republican Party, as espoused by Barry Goldwater and Ronald Reagan, and the Thatcherite leadership in the British Conservative Party, as represented by Sir Keith Joseph and Margaret Thatcher. They have come to be termed—in the Canadian lexicon—as neoconservatives. However, there are also Blue Tories who identify strongly with the Monarchy in Canada and other traditional institutions. In Canada, Blue Tories include Ralph Klein and Mike Harris.


text: From 1891 until the party's dissolution, Red Tories generally dominated the highest rungs of the party and its leadership. The emerging neoconservatives of the 1970s were significantly reduced in numbers in the party by the late 1980s, and many of the disaffected drifted towards neoliberalism and parties with a neoconservative bent, such as the Reform Party of Canada. When the PC party held power at the federal level, it never truly embraced Reaganomics and its crusade against "big government" as vociferously as was done in the USA.


text: Canadian neoconservatives lean more towards individualism and economic liberalism. Support for the Canadian Alliance and its predecessor the Reform Party of Canada derived principally from this group, and that support carried forward into the new Conservative Party of Canada. The success of the neoconservative movement in using the label "Conservative" has brought into debate the very definition of conservatism in Canada today. Although adhering to economic philosophies similar to those originally advanced by 19th-century liberals (known confusingly as both neoliberalism and neoconservatism), the Canadian Alliance agreed to the name "Conservative Party of Canada" for the new party.


text: After a by-election defeat in 1942, a group of younger Conservatives from the Conservative Party of Canada met in Port Hope, Ontario, to develop a new Conservative policy they hoped would bring them out of the political wilderness. The participants, known as the Port Hopefuls, developed a program including many Conservative goals such as support for free enterprise and conscription. Yet the charter also included more radical policies, such as full-employment, low-cost housing, trade union rights, as well as a whole range of social security measures, including a government financed medicare system.


text: Although many Conservatives rejected the charter, the charter still influenced party decisions. Delegates at the convention drafted John Bracken as leader, who was not even a member of the party. Bracken supported the Port Hope Charter and insisted the party register this policy shift by changing its name to the Progressive Conservative Party.


text: In the early days of Canadian confederation, the party supported a mercantilist approach to economic development: export-led growth with high import barriers to protect local industry. The party was staunchly monarchist and supported playing a large role within the British Empire. It was seen by some French Canadians as supporting a policy of cultural assimilation.


text: The Conservative Party dominated Canadian politics for the nation's first 30 years. In general, Canada's political history has consisted of Tories alternating power with the Liberals, albeit often in minority governments supported by smaller parties.


text: After a long period of Liberal dominance following the Tories ill-fated depression era mandate from 1930 to 35, John Diefenbaker won a sweeping electoral victory for the Tories in 1958. Diefenbaker was able to win most of the parliamentary seats in Western Canada, much of those in Ontario, and, with the support of the Union Nationale provincial government, a large number in Quebec. Diefenbaker attempted to pursue a policy of distancing Canada from the United States. His cabinet split over Diefenbaker's refusal of American demands that Canada accept nuclear warheads for Bomarc missiles based in North Bay, Ontario, and La Macaza, Quebec. This split contributed to the Tory government's defeat at the hands of Lester B. Pearson's Liberals in the 1963 election.


text: Diefenbaker remained Progressive Conservative leader until 1967, when increasing unease at his erratic behaviour, authoritarian leadership, and perceived unelectability led party president Dalton Camp to call for and win a motion for a leadership review which resulted in the 1967 leadership convention where Nova Scotia Premier Robert Stanfield was elected out of a field of eleven candidates that included Diefenbaker and Manitoba Premier Duff Roblin.


text: Joe Clark took the leadership of the Progressive Conservative Party in 1976. He came to power in the 1979 election, defeating the Liberal government of Pierre Trudeau and ending sixteen years of continuous Liberal rule. Taking office the day before his 40th birthday, Clark is the youngest person to become Prime Minister. His tenure was brief as he only won a minority government, and it was defeated on a motion of non-confidence pertaining to his 1979 budget. Clark's Progressive Conservative Party lost the 1980 election and Clark lost the leadership of the party to Brian Mulroney 1983.


text: In the late 1960s and 1970s, following Quebec's Quiet Revolution, the Progressive Conservatives recognized the need to increase their appeal to Canada's francophone population. At the same time, the Tories moved away from economic nationalism towards a neoliberal platform. Both movements culminated with Brian Mulroney becoming prime minister after the election of 1984. He led the Tories to a record 211 seats, and a majority of seats in every province.


text: Mulroney had declared himself an opponent to free trade with the United States during the 1983 leadership campaign. But a growing continentalist sentiment among Canadian business leaders and the impact of the "Reagan Revolution" on Canadian conservative thought led Mulroney to embrace free trade. His government endorsed the recommendation of the 1985 Royal Commission on the Economic Union and Development Prospects for Canada that Canada pursue a free trade deal with the United States.


text: Traditionally, it had been the Liberal Party that held a continentalist position and the Conservatives who opposed free trade with the United States in favour of economic links with Britain. With the dissolution of the British Empire and the economic nationalism of the Liberal Party under Pierre Trudeau, the traditional positions of the two parties became reversed. It was with this background that Mulroney fought and won the 1988 election on the issue of the Canada–United States Free Trade Agreement.


text: Mulroney also made a promise to Quebecers, claiming that he would reform the constitution so that Quebec would be willing to endorse the Constitution, which it did not in 1982, unlike Canada's other provinces. To do this, Mulroney promised that he would give Quebec distinct society status and greater autonomy. This helped Mulroney garner substantial support from Quebec nationalists including Lucien Bouchard who joined the Conservatives claiming that providing Quebec with autonomy would be acceptable for Quebec to remain within Canada.


text: Although the Progressive Conservative Party switched to neoliberalism, the party did retain its social progressive policies unlike other parties which advocated neoliberalism. Mulroney and the government pursued an aggressive environmental agenda under the aide of then-environmental policy advisor, present-day Green Party leader Elizabeth May. Mulroney and members of the U.S. government sparred over action on acid rain. In the end Mulroney managed to convince U.S. President Ronald Reagan to sign an acid rain treaty, to reduce acid rain. Mulroney was recognized for his strong environmental stances recently, being named the Greenest Canadian Prime Minister by a study group.


text: A number of economic and governance issues contributed to the fall of the Progressive Conservative party at the federal level in the 1993 federal election:


text: The second major factor leading to the Mulroney government's demise was that the party's base in Quebec came from Quebec nationalists, who withdrew their support after the failure of the Meech Lake and Charlottetown Constitutional Accords. Many Quebec Tories, including a number of Members of Parliament (MPs), left the party to form the Bloc Québécois with like-minded Liberals.


text: The third major factor was the rise of "western alienation" in the four provinces of western Canada as a result of attempts by both Tories and Liberals to woo Quebec. Western Canadians turned their support to the Reform Party of Canada and later to its successor, the Canadian Alliance.


text: Following Mulroney's resignation, his successor as Tory leader and as prime minister was Kim Campbell, who led the party into the disastrous election of 1993. The Progressive Conservatives went from being the majority party to holding only two seats in the House of Commons, which was not enough to maintain official party status despite garnering 16% of the popular vote. It was the worst defeat ever suffered for a governing party at the federal level; the 151-seat loss far exceeded the 95 seats lost by the Liberals in 1984. The party's western supporters transferred virtually "en masse" to Reform, most of its Quebec supporters split between the sovereigntist Bloc Québécois and the Liberals, and most of its Ontario and Atlantic supporters bolted for the Liberals. Even though the Progressive Conservatives finished third in the popular vote (just percentage points behind Reform), their support was spread out across the entire country and was not concentrated in enough areas to translate into more seats. By contrast, the Bloc managed to capture Official Opposition status with 54 seats despite running candidates only in Quebec, while Reform finished third in the seat count despite being virtually nonexistent east of Manitoba.


text: Campbell herself was defeated, as was every member of the Cabinet except Jean Charest, whom Campbell had defeated in the election to succeed Mulroney. Campbell resigned as party leader in December, and Charest, as the only remaining member of the previous Cabinet, was quickly appointed interim leader and confirmed in the post in 1995. Charest led the party back to official party status in the 1997 election, winning 20 seats. With the exception of one seat each in Ontario and Manitoba, the rest of the seats were all in the Maritimes and Quebec. However, the PCs never won more than 20 seats again, and only two west of Quebec (not counting by-elections and switches from other parties).


text: The rise of the Reform Party/Canadian Alliance was doubtless damaging to the Tories, though there remains some debate as to the precise degree. Many observers argue that from 1993 to 2003 the "conservative" vote was split between the two parties, allowing Liberal candidates to win ridings formerly considered to be Tory strongholds. This assessment led to the growth of the United Alternative movements of the late 1990s. Others insisted that a legitimate ideological gulf existed between the more ideological Alliance and the more moderate Red Tory-influenced PC Party, pointing to surveys that indicated many Tory voters would rather select the Liberals as their second choice rather than the Alliance. This seemed to be particularly born out in Ontario. The Liberals won all but one seat in that province in 1993 and 1997, and all but two in 2000—an era that was dominated by the provincial Tories. This was largely because many former bellwether ridings in suburban Toronto (known as "the 905", after its area code) turned almost solidly Liberal for most of the 1990s at the federal level while supporting the Tories at the provincial level.


text: Charest stepped down from the leadership in 1998 to become leader of the Quebec Liberal Party. Former leader Joe Clark returned to the post in a vote in which all party members were eligible to cast ballots, instead of a traditional leadership convention. A point system allocated each riding 100 points to be distributed among the candidates by proportional representation according to votes cast by party members in the riding. (This same system was used by the Conservative Party of Canada in 2004.) In the 2000 election Clark was able to garner the 12 seats necessary for official party status, but no more.


text: Clark realized that as long as the centre-right vote was divided, there was no chance of dislodging the Liberals. However, he wanted a merger on his terms. He got his chance in 2001, when several dissident Alliance MPs, the most prominent one being Alliance deputy leader and party matriarch Deborah Grey, left the Alliance caucus. The dissidents felt that Alliance leader Stockwell Day hadn't learned from mistakes made in the last election. While some of them rejoined the Alliance later, seven of them, led by Chuck Strahl of British Columbia and including Grey, refused and formed the Democratic Representative Caucus. The DRC quickly entered a coalition with the Progressive Conservatives, which lasted until 2002 when Stephen Harper ousted Day as Alliance leader. Harper wanted a closer union with the PCs, but Clark turned the offer down, and all but two of the DRC members rejoined the Alliance. One of the two, Inky Mark, eventually joined the PCs. Two by-election victories later in 2002 increased the PC caucus to 15 members and fourth place in the Commons. However, Clark was unable to gain any ground in Ontario and resigned on August 6, 2002.


text: On May 31, 2003, Peter MacKay won the party leadership after securing the endorsement of controversial fellow leadership candidate David Orchard, an outspoken opponent of free trade who wanted to return the party to its traditional economic nationalist roots. Orchard's endorsement of MacKay was predicated on four bullet points laid out in the Orchard-MacKay agreement, one of which expressly forbade the merger of the PC Party of Canada with the Canadian Alliance. After only a few months as party leader though, MacKay reneged on his promise and proceeded to negotiate a merger with the Alliance, which he announced had occurred on October 15, 2003. The two parties, it seemed, united to form a new party called the Conservative Party of Canada. The union was ratified on December 5 and 6 in a process conducted by each of the parties, and the new Conservative Party was formally registered on December 7. The merger prompted Clark to remark, "Some equate it to a death in the family. I regard it rather as a death of the family." On March 20, 2004, former Alliance leader Harper was elected leader of the new party and appointed MacKay as his deputy.


text: Following the merger, a rump Progressive Conservative caucus remained in Parliament, consisting of individuals who declined to join the new Conservative Party. In the House of Commons, Joe Clark, André Bachand and John Herron sat as PC members. In the 2004 election, Bachand and Clark did not run for re-election, and Herron ran as a Liberal, losing to Rob Moore in his riding of Fundy—Royal. Scott Brison, who had joined the Liberal caucus immediately upon departing the Conservative Party, was reelected as a Liberal in the 2004 election. After being expelled from the Conservative Party caucus in June 2007, Nova Scotia MP Bill Casey designated himself as an "Independent Progressive Conservative".


text: In the Senate, William Doody, Lowell Murray and Norman Atkins also declined to join the new party, and continued to sit as Progressive Conservative senators. On March 24, 2005, Prime Minister Paul Martin appointed nine new senators, two of whom, Nancy Ruth and Elaine McCoy, were designated as Progressive Conservatives. Ruth subsequently left to sit with the Conservative Party. The death of Senator Doody on December 27, 2005, and the mandatory retirement of Norman Atkins on June 27, 2009, and Lowell Murray on September 26, 2011, left McCoy, the youngest of the five, as the sole Progressive Conservative in the Senate and the last sitting PC in either chamber of Parliament until February 11, 2013, when she chose to change her designation to "Independent Progressive Conservative". McCoy changed her designation to "Independent" on February 17, 2016, thus bringing to an end the presence of Progressive Conservatives in the Parliament of Canada.


text: On January 9, 2004, a group claiming to be loyal to the Progressive Conservative Party and opposed to the merger, which they characterized as an Alliance takeover, filed application with the Chief Electoral Officer to register a party called the Progressive Conservative Party of Canada. The application was refused on the grounds that the name could no longer be utilized. The group resubmitted with the name Progressive Canadian Party, and a new "PC Party" was recognized by Elections Canada on March 26. It secured sufficient backing to be registered as an official party on May 29. It was led by former Progressive Conservative MP Joe Hueglin of Ontario.


text: The Progressive Canadian party aimed to be perceived as the successor party to the Progressive Conservatives. However, it did not enjoy broad support among former Progressive Conservatives. In particular, no prominent anti-merger Progressive Conservatives such as Joe Clark or David Orchard were associated with the Progressive Canadian Party, nor were any sitting MPs or senators. The most prominent members to join were two 1970s and 1980s era politicians: former cabinet minister Sinclair Stevens and former junior cabinet minister, Heward Grafftey, who polled near or below Craig Chandler in the final PC Party leadership race. It was deregistered by Elections Canada in late 2019.


title: High-frequency trading

text: High-frequency trading (HFT) is a type of algorithmic financial trading characterized by high speeds, high turnover rates, and high order-to-trade ratios that leverages high-frequency financial data and electronic trading tools. While there is no single definition of HFT, among its key attributes are highly sophisticated algorithms, co-location, and very short-term investment horizons. HFT can be viewed as a primary form of algorithmic trading in finance. Specifically, it is the use of sophisticated technological tools and computer algorithms to rapidly trade securities. HFT uses proprietary trading strategies carried out by computers to move in and out of positions in seconds or fractions of a second.


title: High-frequency trading

text: In 2017, Aldridge and Krawciw estimated that in 2016 HFT on average initiated 10–40% of trading volume in equities, and 10–15% of volume in foreign exchange and commodities. Intraday, however, the proportion of HFT may vary from 0% to 100% of short-term trading volume. Previous estimates reporting that HFT accounted for 60–73% of all US equity trading volume, with that number falling to approximately 50% in 2012 were highly inaccurate speculative guesses. High-frequency traders move in and out of short-term positions at high volumes and high speeds aiming to capture sometimes a fraction of a cent in profit on every trade. HFT firms do not consume significant amounts of capital, accumulate positions or hold their portfolios overnight. As a result, HFT has a potential Sharpe ratio (a measure of reward to risk) tens of times higher than traditional buy-and-hold strategies. High-frequency traders typically compete against other HFTs, rather than long-term investors. HFT firms make up the low margins with incredibly high volumes of trades, frequently numbering in the millions.


title: High-frequency trading

text: A substantial body of research argues that HFT and electronic trading pose new types of challenges to the financial system. Algorithmic and high-frequency traders were both found to have contributed to volatility in the Flash Crash of May 6, 2010, when high-frequency liquidity providers rapidly withdrew from the market. Several European countries have proposed curtailing or banning HFT due to concerns about volatility.


title: High-frequency trading

text: High-frequency trading has taken place at least since the 1930s, mostly in the form of specialists and pit traders buying and selling positions at the physical location of the exchange, with high-speed telegraph service to other exchanges.


title: High-frequency trading

text: The rapid-fire computer-based HFT developed gradually since 1983 after NASDAQ introduced a purely electronic form of trading. At the turn of the 21st century, HFT trades had an execution time of several seconds, whereas by 2010 this had decreased to milli- and even microseconds. Until recently, high-frequency trading was a little-known topic outside the financial sector, with an article published by the "New York Times" in July 2009 being one of the first to bring the subject to the public's attention.


title: High-frequency trading

text: On September 2, 2013, Italy became the world's first country to introduce a tax specifically targeted at HFT, charging a levy of 0.02% on equity transactions lasting less than 0.5 seconds.


title: High-frequency trading

text: In the early 2000s, high-frequency trading still accounted for fewer than 10% of equity orders, but this proportion was soon to begin rapid growth. According to data from the NYSE, trading volume grew by about 164% between 2005 and 2009 for which high-frequency trading might be accounted. As of the first quarter in 2009, total assets under management for hedge funds with high-frequency trading strategies were $141 billion, down about 21% from their peak before the worst of the crises, although most of the largest HFTs are actually LLCs owned by a small number of investors. The high-frequency strategy was first made popular by Renaissance Technologies who use both HFT and quantitative aspects in their trading. Many high-frequency firms are market makers and provide liquidity to the market which lowers volatility and helps narrow bid–offer spreads, making trading and investing cheaper for other market participants.


title: High-frequency trading

text: In the United States in 2009, high-frequency trading firms represented 2% of the approximately 20,000 firms operating today, but accounted for 73% of all equity orders volume. The major U.S. high-frequency trading firms include Virtu Financial, Tower Research Capital, IMC, Tradebot and Citadel LLC. The Bank of England estimates similar percentages for the 2010 UK market share, also suggesting that in Europe HFT accounts for about 40% of equity orders volume and for Asia about 5–10%, with potential for rapid growth. By value, HFT was estimated in 2010 by consultancy "Tabb Group" to make up 56% of equity trades in the US and 38% in Europe.


title: High-frequency trading

text: As HFT strategies become more widely used, it can be more difficult to deploy them profitably. According to an estimate from Frederi Viens of Purdue University, profits from HFT in the U.S. has been declining from an estimated peak of $5bn in 2009, to about $1.25bn in 2012.


title: High-frequency trading

text: Though the percentage of volume attributed to HFT has fallen in the equity markets, it has remained prevalent in the futures markets. According to a study in 2010 by Aite Group, about a quarter of major global futures volume came from professional high-frequency traders. In 2012, according to a study by the TABB Group, HFT accounted for more than 60 percent of all futures market volume in 2012 on U.S. exchanges.


title: High-frequency trading

text: High-frequency trading is quantitative trading that is characterized by short portfolio holding periods. All portfolio-allocation decisions are made by computerized quantitative models. The success of high-frequency trading strategies is largely driven by their ability to simultaneously process large volumes of information, something ordinary human traders cannot do. Specific algorithms are closely guarded by their owners. Many practical algorithms are in fact quite simple arbitrages which could previously have been performed at lower frequency—competition tends to occur through who can execute them the fastest rather than who can create new breakthrough algorithms.


title: High-frequency trading

text: The common types of high-frequency trading include several types of market-making, event arbitrage, statistical arbitrage, and latency arbitrage. Most high-frequency trading strategies are not fraudulent, but instead exploit minute deviations from market equilibrium.


title: High-frequency trading

text: A "market maker" is a firm that stands ready to buy and sell a particular stock on a regular and continuous basis at a publicly quoted price. You'll most often hear about market makers in the context of the Nasdaq or other "over the counter" (OTC) markets. Market makers that stand ready to buy and sell stocks listed on an exchange, such as the New York Stock Exchange, are called "third market makers". Many OTC stocks have more than one market-maker.


title: High-frequency trading

text: Market-makers generally must be ready to buy and sell at least 100 shares of a stock they make a market in. As a result, a large order from an investor may have to be filled by a number of market-makers at potentially different prices.


title: High-frequency trading

text: There can be a significant overlap between a "market maker" and "HFT firm". HFT firms characterize their business as "Market making" – a set of high-frequency trading strategies that involve placing a limit order to sell (or offer) or a buy limit order (or bid) in order to earn the bid-ask spread. By doing so, market makers provide a counterpart to incoming market orders. Although the role of market maker was traditionally fulfilled by specialist firms, this class of strategy is now implemented by a large range of investors, thanks to wide adoption of direct market access. As pointed out by empirical studies, this renewed competition among liquidity providers causes reduced effective market spreads, and therefore reduced indirect costs for final investors." A crucial distinction is that true market makers don't exit the market at their discretion and are committed not to, where HFT firms are under no similar commitment.


title: High-frequency trading

text: Some high-frequency trading firms use market making as their primary strategy. Automated Trading Desk (ATD), which was bought by Citigroup in July 2007, has been an active market maker, accounting for about 6% of total volume on both the NASDAQ and the New York Stock Exchange. In May 2016, Citadel LLC bought assets of ATD from Citigroup. Building up market making strategies typically involves precise modeling of the target market microstructure together with stochastic control techniques.


title: High-frequency trading

text: These strategies appear intimately related to the entry of new electronic venues. Academic study of Chi-X's entry into the European equity market reveals that its launch coincided with a large HFT that made markets using both the incumbent market, NYSE-Euronext, and the new market, Chi-X. The study shows that the new market provided ideal conditions for HFT market-making, low fees (i.e., rebates for quotes that led to execution) and a fast system, yet the HFT was equally active in the incumbent market to offload nonzero positions. New market entry and HFT arrival are further shown to coincide with a significant improvement in liquidity supply.


title: High-frequency trading

text: Quote stuffing is a form of abusive market manipulation that has been employed by high-frequency traders (HFT) and is subject to disciplinary action. It involves quickly entering and withdrawing a large number of orders in an attempt to flood the market creating confusion in the market and trading opportunities for high-frequency traders.


title: High-frequency trading

text: Much information happens to be unwittingly embedded in market data, such as quotes and volumes. By observing a flow of quotes, computers are capable of extracting information that has not yet crossed the news screens. Since all quote and volume information is public, such strategies are fully compliant with all the applicable laws.


title: High-frequency trading

text: Filter trading is one of the more primitive high-frequency trading strategies that involves monitoring large amounts of stocks for significant or unusual price changes or volume activity. This includes trading on announcements, news, or other event criteria. Software would then generate a buy or sell order depending on the nature of the event being looked for.


title: High-frequency trading

text: Tick trading often aims to recognize the beginnings of large orders being placed in the market. For example, a large order from a pension fund to buy will take place over several hours or even days, and will cause a rise in price due to increased demand. An arbitrageur can try to spot this happening, buy up the security, then profit from selling back to the pension fund. This strategy has become more difficult since the introduction of dedicated trade execution companies in the 2000s which provide optimal trading for pension and other funds, specifically designed to remove the arbitrage opportunity.


title: High-frequency trading

text: Certain recurring events generate predictable short-term responses in a selected set of securities. High-frequency traders take advantage of such predictability to generate short-term profits.


title: High-frequency trading

text: Another set of high-frequency trading strategies are strategies that exploit predictable temporary deviations from stable statistical relationships among securities. Statistical arbitrage at high frequencies is actively used in all liquid securities, including equities, bonds, futures, foreign exchange, etc. Such strategies may also involve classical arbitrage strategies, such as covered interest rate parity in the foreign exchange market, which gives a relationship between the prices of a domestic bond, a bond denominated in a foreign currency, the spot price of the currency, and the price of a forward contract on the currency. High-frequency trading allows similar arbitrages using models of greater complexity involving many more than four securities.


title: High-frequency trading

text: The TABB Group estimates that annual aggregate profits of high-frequency arbitrage strategies exceeded US$21 billion in 2009, although the Purdue study estimates the profits for all high frequency trading were US$5 billion in 2009.


title: High-frequency trading

text: Index arbitrage exploits index tracker funds which are bound to buy and sell large volumes of securities in proportion to their changing weights in indices. If a HFT firm is able to access and process information which predicts these changes before the tracker funds do so, they can buy up securities in advance of the trackers and sell them on to them at a profit.


title: High-frequency trading

text: Company news in electronic text format is available from many sources including commercial providers like "Bloomberg", public news websites, and Twitter feeds. Automated systems can identify company names, keywords and sometimes semantics to make news-based trades before human traders can process the news.


title: High-frequency trading

text: A separate, "naïve" class of high-frequency trading strategies relies exclusively on ultra-low latency direct market access technology. In these strategies, computer scientists rely on speed to gain minuscule advantages in arbitraging price discrepancies in some particular security trading simultaneously on disparate markets.


title: High-frequency trading

text: Another aspect of low latency strategy has been the switch from fiber optic to microwave and shortwave technology for long distance networking. The switch to microwave transmission was because microwaves traveling in air suffer a less than 1% speed reduction compared to light traveling in a vacuum, whereas with conventional fiber optics light travels over 30% slower. Especially since 2011, companies involved in HFT have massively invested in microwaves infrastructure to transmit data across key connections such as the one between New York City and Chicago but also between London and Frankfurt, going through Belgium thanks to a network of former US army antennas. However, microwave transmission requires line-of-sight propagation, which is difficult over long distances, driving some HFT firms to use shortwave radio instead. Shortwave radio signals can be transmitted over a longer distance, but carry less information; in 2020, a hedge fund partner quoted in Bloomberg News said that shortwave bandwidth is insufficient for transmitting full order book feeds for low-latency strategies. Firms have also looked into using satellites to transmit market data.


title: High-frequency trading

text: High-frequency trading strategies may use properties derived from market data feeds to identify orders that are posted at sub-optimal prices. Such orders may offer a profit to their counterparties that high-frequency traders can try to obtain. Examples of these features include the age of an order or the sizes of displayed orders. Tracking important order properties may also allow trading strategies to have a more accurate prediction of the future price of a security.


title: High-frequency trading

text: The effects of algorithmic and high-frequency trading are the subject of ongoing research. High frequency trading causes regulatory concerns as a contributor to market fragility.


title: High-frequency trading

text: Regulators claim these practices contributed to volatility in the May 6, 2010 Flash Crash and find that risk controls are much less stringent for faster trades.


title: High-frequency trading

text: Members of the financial industry generally claim high-frequency trading substantially improves market liquidity, narrows bid–offer spread, lowers volatility and makes trading and investing cheaper for other market participants.


title: High-frequency trading

text: An academic study found that, for large-cap stocks and in quiescent markets during periods of "generally rising stock prices", high-frequency trading lowers the cost of trading and increases the informativeness of quotes; however, it found "no significant effects for smaller-cap stocks", and "it remains an open question whether algorithmic trading and algorithmic liquidity supply are equally beneficial in more turbulent or declining markets. ...algorithmic liquidity suppliers may simply turn off their machines when markets spike downward."


title: High-frequency trading

text: In September 2011, market data vendor Nanex LLC published a report stating the contrary. They looked at the amount of quote traffic compared to the value of trade transactions over 4 and half years and saw a 10-fold decrease in efficiency. Nanex's owner is an outspoken detractor of high-frequency trading. Many discussions about HFT focus solely on the frequency aspect of the algorithms and not on their decision-making logic (which is typically kept secret by the companies that develop them). This makes it difficult for observers to pre-identify market scenarios where HFT will dampen or amplify price fluctuations. The growing quote traffic compared to trade value could indicate that more firms are trying to profit from cross-market arbitrage techniques that do not add significant value through increased liquidity when measured globally.


title: High-frequency trading

text: More fully automated markets such as NASDAQ, Direct Edge, and BATS, in the US, gained market share from less automated markets such as the NYSE. Economies of scale in electronic trading contributed to lowering commissions and trade processing fees, and contributed to international mergers and consolidation of financial exchanges.


title: High-frequency trading

text: The speeds of computer connections, measured in milliseconds or microseconds, have become important. Competition is developing among exchanges for the fastest processing times for completing trades. For example, in 2009 the London Stock Exchange bought a technology firm called MillenniumIT and announced plans to implement its Millennium Exchange platform which they claim has an average latency of 126 microseconds. This allows sub-millisecond resolution timestamping of the order book. Off-the-shelf software currently allows for nanoseconds resolution of timestamps using a GPS clock with 100 nanoseconds precision.


title: High-frequency trading

text: The brief but dramatic stock market crash of May 6, 2010 was initially thought to have been caused by high-frequency trading. The Dow Jones Industrial Average plunged to its largest intraday point loss, but not percentage loss, in history, only to recover much of those losses within minutes.


title: High-frequency trading

text: In the aftermath of the crash, several organizations argued that high-frequency trading was not to blame, and may even have been a major factor in minimizing and partially reversing the Flash Crash. CME Group, a large futures exchange, stated that, insofar as stock index futures traded on CME Group were concerned, its investigation had found no support for the notion that high-frequency trading was related to the crash, and actually stated it had a market stabilizing effect.


title: High-frequency trading

text: However, after almost five months of investigations, the U.S. Securities and Exchange Commission ("SEC") and the Commodity Futures Trading Commission ("CFTC") issued a joint report identifying the cause that set off the sequence of events leading to the Flash Crash and concluding that the actions of high-frequency trading firms contributed to volatility during the crash.


title: High-frequency trading

text: The report found that the cause was a single sale of $4.1 billion in futures contracts by a mutual fund, identified as Waddell & Reed Financial, in an aggressive attempt to hedge its investment position. The joint report also found that "high-frequency traders quickly magnified the impact of the mutual fund's selling." The joint report "portrayed a market so fragmented and fragile that a single large trade could send stocks into a sudden spiral", that a large mutual fund firm "chose to sell a big number of futures contracts using a computer program that essentially ended up wiping out available buyers in the market", that as a result high-frequency firms "were also aggressively selling the E-mini contracts", contributing to rapid price declines. The joint report also noted "HFTs began to quickly buy and then resell contracts to each other – generating a 'hot-potato' volume effect as the same positions were passed rapidly back and forth." The combined sales by Waddell and high-frequency firms quickly drove "the E-mini price down 3% in just four minutes". As prices in the futures market fell, there was a spillover into the equities markets where "the liquidity in the market evaporated because the automated systems used by most firms to keep pace with the market paused" and scaled back their trading or withdrew from the markets altogether. The joint report then noted that "Automatic computerized traders on the stock market shut down as they detected the sharp rise in buying and selling." As computerized high-frequency traders exited the stock market, the resulting lack of liquidity "...caused shares of some prominent companies like Procter & Gamble and Accenture to trade down as low as a penny or as high as $100,000". While some firms exited the market, high-frequency firms that remained in the market exacerbated price declines because they "'escalated their aggressive selling' during the downdraft". In the years following the flash crash, academic researchers and experts from the CFTC pointed to high-frequency trading as just one component of the complex current U.S. market structure that led to the events of May 6, 2010.


title: High-frequency trading

text: In 2015 the Paris-based regulator of the 28-nation European Union, the European Securities and Markets Authority, proposed time standards to span the EU, that would more accurately synchronize trading clocks "to within a nanosecond, or one-billionth of a second" to refine regulation of gateway-to-gateway latency time—"the speed at which trading venues acknowledge an order after receiving a trade request". Using these more detailed time-stamps, regulators would be better able to distinguish the order in which trade requests are received and executed, to identify market abuse and prevent potential manipulation of European securities markets by traders using advanced, powerful, fast computers and networks. The fastest technologies give traders an advantage over other "slower" investors as they can change prices of the securities they trade.


title: High-frequency trading

text: According to author Walter Mattli, the ability of regulators to enforce the rules has greatly declined since 2005 with the passing of the Regulation National Market System (Reg NMS) by the SEC. As a result, the NYSE's quasi monopoly role as a stock rule maker was undermined and turned the stock exchange into one of many globally operating exchanges. The market then became more fractured and granular, as did the regulatory bodies, and since stock exchanges had turned into entities also seeking to maximize profits, the one with the most lenient regulators were rewarded, and oversight over traders' activities was lost. This fragmentation has greatly benefitted HFT.


title: High-frequency trading

text: High-frequency trading comprises many different types of algorithms. Various studies reported that certain types of market-making high-frequency trading reduces volatility and does not pose a systemic risk, and lowers transaction costs for retail investors, without impacting long term investors. Other studies, summarized in Aldridge, Krawciw, 2017 find that high-frequency trading strategies known as "aggressive" erode liquidity and cause volatility.


title: High-frequency trading

text: High-frequency trading has been the subject of intense public focus and debate since the May 6, 2010 Flash Crash. At least one Nobel Prize–winning economist, Michael Spence, believes that HFT should be banned. A working paper found "the presence of high frequency trading has significantly mitigated the frequency and severity of end-of-day price dislocation".


title: High-frequency trading

text: In their joint report on the 2010 Flash Crash, the SEC and the CFTC stated that "market makers and other liquidity providers widened their quote spreads, others reduced offered liquidity, and a significant number withdrew completely from the markets" during the flash crash.


title: High-frequency trading

text: Politicians, regulators, scholars, journalists and market participants have all raised concerns on both sides of the Atlantic. This has led to discussion of whether high-frequency market makers should be subject to various kinds of regulations.


title: High-frequency trading

text: In a September 22, 2010 speech, SEC chairperson Mary Schapiro signaled that US authorities were considering the introduction of regulations targeted at HFT. She said, "high frequency trading firms have a tremendous capacity to affect the stability and integrity of the equity markets. Currently, however, high frequency trading firms are subject to very little in the way of obligations either to protect that stability by promoting reasonable price continuity in tough times, or to refrain from exacerbating price volatility." She proposed regulation that would require high-frequency traders to stay active in volatile markets. A later SEC chair Mary Jo White pushed back against claims that high-frequency traders have an inherent benefit in the markets. SEC associate director Gregg Berman suggested that the current debate over HFT lacks perspective. In an April 2014 speech, Berman argued: "It's much more than just the automation of quotes and cancels, in spite of the seemingly exclusive fixation on this topic by much of the media and various outspoken market pundits. (...) I worry that it may be too narrowly focused and myopic."


title: High-frequency trading

text: The Chicago Federal Reserve letter of October 2012, titled "How to keep markets safe in an era of high-speed trading", reports on the results of a survey of several dozen financial industry professionals including traders, brokers, and exchanges. It found that


title: High-frequency trading

text: The CFA Institute, a global association of investment professionals, advocated for reforms regarding high-frequency trading, including:


title: High-frequency trading

text: Exchanges offered a type of order called a "Flash" order (on NASDAQ, it was called "Bolt" on the Bats stock exchange) that allowed an order to lock the market (post at the same price as an order on the other side of the order book) for a small amount of time (5 milliseconds). This order type was available to all participants but since HFT's adapted to the changes in market structure more quickly than others, they were able to use it to "jump the queue" and place their orders before other order types were allowed to trade at the given price. Currently, the majority of exchanges do not offer flash trading, or have discontinued it. By March 2011, the NASDAQ, BATS, and Direct Edge exchanges had all ceased offering its Competition for Price Improvement functionality (widely referred to as "flash technology/trading").


title: High-frequency trading

text: In March 2012, regulators fined Octeg LLC, the equities market-making unit of high-frequency trading firm Getco LLC, for $450,000. Octeg violated Nasdaq rules and failed to maintain proper supervision over its stock trading activities. The fine resulted from a request by Nasdaq OMX for regulators to investigate the activity at Octeg LLC from the day after the May 6, 2010 Flash Crash through the following December. Nasdaq determined the Getco subsidiary lacked reasonable oversight of its algo-driven high-frequency trading.


title: High-frequency trading

text: In October 2013, regulators fined Knight Capital $12 million for the trading malfunction that led to its collapse. Knight was found to have violated the SEC's market access rule, in effect since 2010 to prevent such mistakes. Regulators stated the HFT firm ignored dozens of error messages before its computers sent millions of unintended orders to the market. Knight Capital eventually merged with Getco to form KCG Holdings. Knight lost over $460 million from its trading errors in August 2012 that caused disturbance in the U.S. stock market.


title: High-frequency trading

text: In September 2014, HFT firm Latour Trading LLC agreed to pay a SEC penalty of $16 million. Latour is a subsidiary of New York-based high-frequency trader Tower Research Capital LLC. According to the SEC's order, for at least two years Latour underestimated the amount of risk it was taking on with its trading activities. By using faulty calculations, Latour managed to buy and sell stocks without holding enough capital. At times, the Tower Research Capital subsidiary accounted for 9% of all U.S. stock trading. The SEC noted the case is the largest penalty for a violation of the net capital rule.


title: High-frequency trading

text: In response to increased regulation, such as by FINRA, some have argued that instead of promoting government intervention, it would be more efficient to focus on a solution that mitigates information asymmetries among traders and their backers; others argue that regulation does not go far enough. In 2018, the European Union introduced the MiFID II/MiFIR regulation.


title: High-frequency trading

text: On January 12, 2015, the SEC announced a $14 million penalty against a subsidiary of BATS Global Markets, an exchange operator that was founded by high-frequency traders. The BATS subsidiary Direct Edge failed to properly disclose order types on its two exchanges EDGA and EDGX. These exchanges offered three variations of controversial "Hide Not Slide" orders and failed to accurately describe their priority to other orders. The SEC found the exchanges disclosed complete and accurate information about the order types "only to some members, including certain high-frequency trading firms that provided input about how the orders would operate". The complaint was made in 2011 by Haim Bodek.


title: High-frequency trading

text: Reported in January 2015, UBS agreed to pay $14.4 million to settle charges of not disclosing an order type that allowed high-frequency traders to jump ahead of other participants. The SEC stated that UBS failed to properly disclose to all subscribers of its dark pool "the existence of an order type that it pitched almost exclusively to market makers and high-frequency trading firms". UBS broke the law by accepting and ranking hundreds of millions of orders priced in increments of less than one cent, which is prohibited under Regulation NMS. The order type called PrimaryPegPlus enabled HFT firms "to place sub-penny-priced orders that jumped ahead of other orders submitted at legal, whole-penny prices".


title: High-frequency trading

text: In June 2014, high-frequency trading firm Citadel LLC was fined $800,000 for violations that included quote stuffing. Nasdaq's disciplinary action stated that Citadel "failed to prevent the strategy from sending millions of orders to the exchanges with few or no executions". It was pointed out that Citadel "sent multiple, periodic bursts of order messages, at 10,000 orders per second, to the exchanges. This excessive messaging activity, which involved hundreds of thousands of orders for more than 19 million shares, occurred two to three times per day."


title: High-frequency trading

text: In July 2013, it was reported that Panther Energy Trading LLC was ordered to pay $4.5 million to U.S. and U.K. regulators on charges that the firm's high-frequency trading activities manipulated commodity markets. Panther's computer algorithms placed and quickly canceled bids and offers in futures contracts including oil, metals, interest rates and foreign currencies, the U.S. Commodity Futures Trading Commission said. In October 2014, Panther's sole owner Michael Coscia was charged with six counts of commodities fraud and six counts of "spoofing". The indictment stated that Coscia devised a high-frequency trading strategy to create a false impression of the available liquidity in the market, "and to fraudulently induce other market participants to react to the deceptive market information he created".


title: High-frequency trading

text: In November 7, 2019, it was reported that Tower Research was ordered to pay $67.4 million in fines to the CFTC to settle allegations that three former traders at the firm engaged in spoofing from at least March 2012 through December 2013. The New York-based firm entered into a deferred prosecution agreement with the Justice Department.


title: High-frequency trading

text: In October 2014, Athena Capital Research LLC was fined $1 million on price manipulation charges. The high-speed trading firm used $40 million to rig prices of thousands of stocks, including eBay, according to U.S. regulators. The HFT firm Athena manipulated closing prices commonly used to track stock performance with "high-powered computers, complex algorithms and rapid-fire trades", the SEC said. The regulatory action is one of the first market manipulation cases against a firm engaged in high-frequency trading. Reporting by Bloomberg noted the HFT industry is "besieged by accusations that it cheats slower investors".


title: High-frequency trading

text: Advanced computerized trading platforms and market gateways are becoming standard tools of most types of traders, including high-frequency traders. Broker-dealers now compete on routing order flow directly, in the fastest and most efficient manner, to the line handler where it undergoes a strict set of risk filters before hitting the execution venue(s). Ultra-low latency direct market access (ULLDMA) is a hot topic amongst brokers and technology vendors such as Goldman Sachs, Credit Suisse, and UBS. Typically, ULLDMA systems can currently handle high amounts of volume and boast round-trip order execution speeds (from hitting "transmit order" to receiving an acknowledgment) of 10 milliseconds or less.


title: High-frequency trading

text: Such performance is achieved with the use of hardware acceleration or even full-hardware processing of incoming market data, in association with high-speed communication protocols, such as 10 Gigabit Ethernet or PCI Express. More specifically, some companies provide full-hardware appliances based on FPGA technology to obtain sub-microsecond end-to-end market data processing.


title: High-frequency trading

text: Buy side traders made efforts to curb predatory HFT strategies. Brad Katsuyama, co-founder of the IEX, led a team that implemented THOR, a securities order-management system that splits large orders into smaller sub-orders that arrive at the same time to all the exchanges through the use of intentional delays. This largely prevents information leakage in the propagation of orders that high-speed traders can take advantage of. In 2016, after having with Intercontinental Exchange Inc. and others failed to prevent SEC approval of IEX's launch and having failed to sue as it had threatened to do over the SEC approval, Nasdaq launched a "speed bump" product of its own to compete with IEX. According to Nasdaq CEO Robert Greifeld "the regulator shouldn't have approved IEX without changing the rules that required quotes to be immediately visible". The IEX speed bump—or trading slowdown—is 350 microseconds, which the SEC ruled was within the "immediately visible" parameter. The slowdown promises to impede HST ability "often [to] cancel dozens of orders for every trade they make".


title: High-frequency trading

text: Outside of US equities, several notable spot foreign exchange (FX) trading platforms—including ParFX, EBS Market, and Refinitiv FXall—have implemented their own "speed bumps" to curb or otherwise limit HFT activity. Unlike the IEX fixed length delay that retains the temporal ordering of messages as they are received by the platform, the spot FX platforms' speed bumps reorder messages so the first message received is not necessarily that processed for matching first. In short, the spot FX platforms' speed bumps seek to reduce the benefit of a participant being faster than others, as has been described in various academic papers.


title: Sex ratio

text: The sex ratio (or gender ratio) is the ratio of females to males in a population. The ratio tends to be 1:1 in most sexually reproducing species, which is explained by Fisher's principle. Many species deviate from an even sex ratio, either periodically or permanently. Examples include parthenogenic species, periodically mating organisms such as aphids, some eusocial wasps, bees, ants, and termites.


title: Sex ratio

text: The human sex ratio is of particular interest to anthropologists and demographers. In human societies, sex ratios at birth may be considerably skewed by factors such as the age of mother at birth and by sex-selective abortion and infanticide. Exposure to pesticides and other environmental contaminants may be a significant contributing factor as well. As of 2014, the global sex ratio at birth is estimated at 107 boys to 100 girls (1,000 boys per 934 girls)..


title: Sex ratio

text: The theory of sex ratio is a field of study concerned with the accurate prediction of sex ratios in all sexual species, based on a consideration of their natural history. The field continues to be heavily influenced by Eric Charnov's 1982 book, "Sex Allocation". He defines five major questions, both for his book and the field in general (slightly abbreviated here):


title: Sex ratio

text: Biological research mostly concerns itself with sex "allocation" rather than sex ratio, sex allocation denoting the allocation of energy to either sex. Common research themes are the effects of local mate and resource competition (often abbreviated LMC and LRC, respectively).


title: Sex ratio

text: Fisher's principle explains why for most species, the sex ratio is approximately 1:1. Bill Hamilton expounded Fisher's argument in his 1967 paper on "Extraordinary sex ratios" as follows, given the assumption of equal parental expenditure on offspring of both sexes.


title: Sex ratio

text: In modern language, the 1:1 ratio is the evolutionarily stable strategy (ESS). This ratio has been observed in many species, including the bee "Macrotera portalis". A study performed by Danforth observed no significant difference in the number of males and females from the 1:1 sex ratio.


title: Sex ratio

text: Spending equal amounts of resources to produce offspring of either sex is an evolutionarily stable strategy: if the general population deviates from this equilibrium by favoring one sex, one can obtain higher reproductive success with less effort by producing more of the other. For species where the cost of successfully raising one offspring is roughly the same regardless of its sex, this translates to an approximately equal sex ratio.


title: Sex ratio

text: Bacteria of the genus "Wolbachia" cause skewed sex ratios in some arthropod species as they kill males. Sex-ratio of adult populations of pelagic copepods is usually skewed towards dominance of females. However, there are differences in adult sex ratios between families: in families in which females require multiple matings to keep producing eggs, sex ratios are less biased (close to 1); in families in which females can produce eggs continuously after only one mating, sex ratios are strongly skewed towards females.


title: Sex ratio

text: Several species of reptiles have temperature-dependent sex determination, where incubation temperature of eggs determines the sex of the individual. In the American alligator, for example, females are hatched from eggs incubated between , whereas males are hatched from eggs . In this method, however, all eggs in a clutch (20–50) will be of the same sex. In fact, the natural sex ratio of this species is five females to one male.


title: Sex ratio

text: In birds, mothers can influence the sex of their chicks. In peafowl, maternal body condition can influence the proportion of daughters in the range from 25% to 87%.


title: Sex ratio

text: In several groups of fish, such as wrasses, parrotfish and clownfish, dichogamy — or sequential hermaphroditism — is normal. This can cause a discrepancy in the sex ratios as well. In the bluestreak cleaner wrasse, there is only one male for every group of 6-8 females. If the male fish dies, the strongest female changes its sex to become the male for the group. All of these wrasses are born female, and only become male in this situation. Other species, like clownfish, do this in reverse, where all start out as non-reproductive males, and the largest male becomes a female, with the second-largest male maturing to become reproductive.


title: Sex ratio

text: Traditionally, farmers have discovered that the most economically efficient community of animals will have a large number of females and a very small number of males. A herd of cows with a few bulls or a flock of hens with one rooster are the most economical sex ratios for domesticated livestock.


title: Sex ratio

text: It was found that the amount of fertilizing pollen can influence secondary sex ratio in dioecious plants. Increase in pollen amount leads to decrease in number of male plants in the progeny. This relationship was confirmed on four plant species from three families – "Rumex acetosa" (Polygonaceae), "Melandrium album" (Caryophyllaceae), "Cannabis sativa" and "Humulus japonicus" (Cannabinaceae).


title: Sex ratio

text: In charadriiform birds, recent research has shown clearly that polyandry and sex-role reversal (where males care and females compete for mates) as found in phalaropes, jacanas, painted snipe and a few plover species is clearly related to a strongly male-biased adult sex ratio. Those species with male care and polyandry invariably have adult sex ratios with a large surplus of males, which in some cases can reach as high as six males per female.


title: Sex ratio

text: Male-biased adult sex ratios have also been shown to correlate with cooperative breeding in mammals such as alpine marmots and wild canids. This correlation may also apply to cooperatively breeding birds, though the evidence is less clear. It is known, however, that both male-biased adult sex ratios and cooperative breeding tend to evolve where caring for offspring is extremely difficult due to low secondary productivity, as in Australia and Southern Africa. It is also known that in cooperative breeders where both sexes are philopatric like the varied sittella, adult sex ratios are equally or more male-biased than in those cooperative species, such as fairy-wrens, treecreepers and the noisy miner where females always disperse.


title: Preston Burke

text: Preston Xavier Burke, M.D., F.A.C.S is a fictional character from the medical drama television series "Grey's Anatomy", which airs on ABC in the United States. The character was created by series producer Shonda Rhimes, and was portrayed by actor Isaiah Washington from 2005 to 2007. Introduced as an attending cardiothoracic surgeon at the fictional Seattle Grace Hospital, Burke's romantic relationship with intern Cristina Yang formed one of the main storylines in the shows' first three seasons.


title: Preston Burke

text: Burke made his final appearance in the third season, leaving Seattle in the aftermath of his failed wedding. On June 7, 2007, ABC announced it had decided not to renew Washington's contract, and that he would be dropped from the show after an on-set incident with fellow cast members T. R. Knight and Patrick Dempsey.


title: Preston Burke

text: While mentioned in passing throughout later seasons, Burke officially returns in the tenth season in order to conclude Cristina Yang's departure from the series.


title: Preston Burke

text: Preston Burke is the former chief cardiothoracic surgeon at Seattle Grace Hospital. He completed his pre-medical studies at Tulane University where he pledged Kappa Alpha Psi, and went on to graduate first in his class from Johns Hopkins School of Medicine. While in college, he met Erica Hahn (Brooke Smith), who graduated in second place after him, beginning a rivalry between them. He was once the interim chief of surgery while Dr. Richard Webber (James Pickens, Jr.) was healing from his brain surgery. In season 1, it is revealed that Richard had promised him the position but instead enticed his former student, renowned neurosurgeon Derek Shepherd (Patrick Dempsey), to Seattle as he felt Burke was becoming arrogant and needed competition to keep him on his toes. He began a relationship with intern Cristina Yang (Sandra Oh) but broke it off because he feared it would ruin both of their reputations. Her miscarriage brought them back together. He and Cristina lived together in his perfectly kept apartment.


title: Preston Burke

text: Towards the end of the second season, he was shot, which affected his control of his right-hand. His temporary fix to this possibly long-term problem was to work together with Cristina during every one of his surgeries so that she could take over in case he might have trouble with his hand. The arrangement fell apart after Cristina, reacting to growing stress after George O'Malley (T. R. Knight) caught onto their secret, went to the Chief and confessed everything. Initially, he was engaged in a cold war with Cristina, where neither of them spoke. However, after she broke the silence, he proposed to her and she accepted his proposal. Before their secret was revealed, Burke was to become the next Chief of Surgery, but he had to compete with his fellow attendings for the position. He has since recovered from the injury, after Derek operated on him. For the remainder of the season, Preston and Cristina prepared for the wedding and experienced normal stresses that result from such a process, such as meeting each other's parents.


title: Preston Burke

text: However, in the finale of season three, on the day of their wedding, Burke told Cristina that he no longer wished to make her do anything against her will, and realized he was trying to make Cristina the woman he wanted her to be, and not accept her as the woman she is. Cristina said she "thought this was what she wanted." He wanted her to say she "knew" it was what she wanted, so he left her in the chapel. Cristina then returned to their apartment and discovered Burke had left, taking with him the things that meant something to only him (his trumpet, his Eugene Foote collection, his grandmother's picture, and his lucky scrub cap), leaving Cristina devastated.


title: Preston Burke

text: In the fourth season, Preston's long-time rival and love-to-hate medic Dr. Erica Hahn replaced him as the head of cardiothoracic surgery. Before taking over the position she had tremendous respect for Burke although she would have never admitted it to his face. Hahn disliked Cristina Yang because of her relationships with Dr. Burke and Colin Marlowe. During his employment at a new hospital, he is made the recipient of 2008's Harper Avery, a highly prestigious medical award. Cristina is later hurt that he did not mention her in his article, even though Cristina helped Burke with his recovery from his hand injury.


title: Preston Burke

text: In season ten, Preston is seen to be living in Zürich, where he runs a privately owned cardiothoracic research hospital. He invited Cristina to the hospital to give a speech on her research. Cristina is both shocked and angered by the sight of Preston, and the former couple exchange bitter sentiments. Cristina claims that the two would never have worked out because she wanted to emulate him, not be by his side. Preston then reveals his ulterior motive for bringing Cristina to Switzerland: to ask her to take over his hospital, which she accepts. He is married to an Italian woman, Edra, and has two daughters, Simone and Vivianna. They are on the verge of moving to Milán.


title: Preston Burke

text: The character of Preston Burke was originally envisioned as a caucasian, to be played by Paul Adelstein, who starred in "Grey's Anatomy" spin-off "Private Practice". However, due to his commitment to a film whose shooting dates changed, the actor had to drop out at the last moment and his character was rethought. Isaiah Washington was originally considered for the role of Derek Shepherd, which eventually went to Patrick Dempsey. Washington later received a callback from Rhimes to play Burke. He commented: "I knew I could never be wrong in my heart about something so good and so genuine. Her writing just seemed very complex, very honest." "I said that I would only do it if I didn't have to be like that guy on that other medical show who was always struggling with his anger."


title: Preston Burke

text: Shonda Rhimes noted Washington's commitment to his role, revealing that he learns all his surgeries before he performs them on television. "I think if he stopped at an accident on the street, he'd know exactly what to do. He has pulled shifts at hospitals where he follows the surgeons around for 48 hours". At the beginning of the series, Burke is one of the three African American characters, along with Miranda Bailey (Chandra Wilson) and Richard Webber (James Pickens, Jr.).


title: Preston Burke

text: In the show's third season, Washington became a central figure in a widely reported backstage controversy. In October 2006, news reports surfaced that Washington had insulted co-star T.R. Knight with a homophobic slur. Shortly after the details of the argument became public, Knight publicly disclosed that he was gay. The situation seemed somewhat resolved when Washington issued a statement, apologizing for his "unfortunate use of words during the recent incident on-set." The controversy later resurfaced when the cast appeared at the Golden Globes in January 2007. While being interviewed on the red carpet prior to the awards, Washington joked, "I love gay. I wanted to be gay. Please let me be gay." After the show won Best Drama, Washington, in response to press queries as to any conflicts backstage, said, "I never called T.R. a faggot." However, in an interview with Ellen DeGeneres on "The Ellen DeGeneres Show", Knight said that "everybody heard him." After being rebuked by his studio, Touchstone Television (now ABC Studios), Washington issued a statement apologizing at length for using the epithet in an argument with Patrick Dempsey. On January 30, 2007, a source told "People" magazine that Washington was scheduled to return to the "Grey's Anatomy" set as early on that Thursday for the first time since entering "executive counseling" after making the comments at the Golden Globes. However, on June 7, 2007, ABC announced it had decided not to renew Washington's contract, and that he would be dropped from the show. "I'm mad as hell and I'm not going to take it anymore," Washington said in a statement released by his publicist, borrowing the famous line from "Network". In another report, Washington stated he was planning to "spend the summer pursuing charity work in Sierra Leone, work on an independent film and avoid worrying about the show." In a subsequent interview, Washington claimed that "they fired the wrong guy" (referring to Knight) and said he was considering filing a lawsuit as a result. He accused Knight of using the controversy to bolster his own career and increase his salary on "Grey's Anatomy." Washington, in late June 2007, began asserting that racism within the media was a factor in his firing from the series. On July 2, 2007, Washington appeared on "Larry King Live" on CNN, to present his side of the controversy. According to Washington, he never used the "F Word" in reference to Knight, but rather blurted it out in an unrelated context in the course of an argument "provoked" by Dempsey, who, he felt, was treating him like a "B-word," a "P-word," and the "F-word," which Washington said conveyed "somebody who is being weak and afraid to fight back." Washington himself said that his dismissal from "Grey's Anatomy" was an unfortunate misunderstanding that he was eager to move past.


title: Preston Burke

text: On March 6, 2014, Shonda Rhimes announced that Washington would return to his role for one episode airing in May to help conclude Sandra Oh's final storylines as Cristina Yang. Rhimes said of his return, "It's important to me that Cristina's journey unfolds exactly as it should. Burke is vital to that journey -- he gives her story that full-circle moment we need to properly say goodbye to our beloved Cristina Yang."


title: Preston Burke

text: Washington said of his character: "He did start out sort of stone-faced, but he's evolved into someone we see as an effective leader and someone who learns how to love and be loved." Thanks to Yang, Washington says Burke "has been able to show levels of vulnerability." In an interview with Oprah Winfrey, Rhimes has described Preston as a "mama's boy", and noted the shock the audience felt when discovering that side of his personality after the arrival of his parents. Isaiah Washington also noted Preston's "determination" and "commitment". Rhimes referred to Burke's relationship with Yang by the portmanteau "Burktina", citing "Losing My Religion" as one of her favorite episodes featuring them because it shows their evolution from the beginning of the second season to its end. Ann Oldenburg of "USA Today" called it "one of the spiciest relationships on TV right now". Drawing a comparison between the two doctors, she said Burke is "tidy" while Yang is "messy"; he is "spiritual" but she is not.


title: Preston Burke

text: Isaiah Washington has been nominated for multiple awards for his portrayal of Preston Burke. He and the "Grey's Anatomy" cast won Best Ensemble in a Television Series at the 2006 Satellite Awards. He was awarded "Outstanding Actor in a Drama Series" twice at the NAACP Image Awards, in 2006 and 2007. Washington was recognized along with the rest of the cast at the Screen Actors Guild Awards, receiving three nominations for "Outstanding Performance by an Ensemble in a Drama Series" each year from 2006 to 2008, with the 2007 Awards marking a victory. TV Guide named Isaiah Washington "TV's Sexiest Man" in 2006.


title: Preston Burke

text: Burke's relationship with Cristina Yang was considered "one of the most interesting relationships on the show." Similarly, "The Orange County Register" wrote that their romance became "one of the most touching and funny attractions of "Grey's Anatomy"." Oscar Dahl of BuddyTV listed Burke as the fifth most worthless TV character.


title: Ontario Highway 401

text: King's Highway 401, commonly referred to as Highway 401 and also known by its official name as the Macdonald–Cartier Freeway or colloquially referred to as the four-oh-one,


title: Ontario Highway 401

text: is a controlled-access 400-series highway in the Canadian province of Ontario. It stretches from Windsor in the west to the Ontario–Quebec border in the east. The part of Highway 401 that passes through Toronto is North America's busiest highway, and one of the widest.


title: Ontario Highway 401

text: Together with Quebec Autoroute 20, it forms the road transportation backbone of the Quebec City–Windsor Corridor, along which over half of Canada's population resides. It is also a "Core Route" in the National Highway System of Canada.


title: Ontario Highway 401

text: The route is maintained by the Ministry of Transportation of Ontario (MTO) and patrolled by the Ontario Provincial Police. The speed limit is throughout its length, with the only exceptions the posted limit westbound in Windsor and in most construction zones, along with a speed limit between Windsor and Tilbury.


title: Ontario Highway 401

text: By the end of 1952, three individual highways were numbered "Highway 401": the partially completed Toronto Bypass between Weston Road and Highway 11 (Yonge Street); Highway 2A between West Hill and Newcastle; and the Scenic Highway between Gananoque and Brockville, now known as the Thousand Islands Parkway. These three sections of highway were 11.8, 54.7 and 41.2 km, (7.3, 34.0 and 25.6 mi), respectively. In 1964, the route became fully navigable from Windsor to the Ontario–Quebec border. In 1965 it was given a second designation, the Macdonald–Cartier Freeway, in honour of two Fathers of Confederation. At the end of 1968, the Gananoque–Brockville section was bypassed and the final intersection grade-separated near Kingston, making Highway 401 a freeway for its entire 817.9-km length. Since 2007, a portion of the highway between Trenton and Toronto has been designated the Highway of Heroes, as the route is travelled by funeral convoys for fallen Canadian Forces personnel from CFB Trenton to the coroner's office.


title: Ontario Highway 401

text: In 2011, construction began on a westward extension called the "Rt. Hon. Herb Gray Parkway". This new route follows but does not replace, the former Highway 3 between the former end of the freeway and the E. C. Row Expressway, at which point it turns and parallels that route towards the site of the future Gordie Howe International Bridge. An section of the parkway, east of the E. C. Row interchange, opened on June 28, 2015, with the remaining section completed and opened on November 21. In the summer of 2019, the widening of the highway between Highway/Regional Road 8 in Kitchener to Highway/Regional Road 24 in Cambridge to twelve lanes was completed. There are plans underway to widen the remaining four-lane sections between Windsor and London to six lanes and to widen the route between Cambridge and Milton as well as through Oshawa. The expansive twelve-plus-lane collector–express system through Toronto and Pickering, and partially across Mississauga, was extended west to Milton in December 2022.


title: Ontario Highway 401

text: Highway 401 extends across Southwestern, Central and Eastern Ontario. In anticipation of the future expansion of the highway, the transportation ministry purchased a right-of-way along the entire length. Generally, the highway occupies only a portion of this allotment.


title: Ontario Highway 401

text: It is one of the world's busiest highways; a 2016 analysis stated the annual average daily traffic (AADT) count between Weston Road and Highway 400 in Toronto was nearly 420,000,


title: Ontario Highway 401

text: while a second study estimates that over 500,000 vehicles travel that section on some days. This makes it North America's busiest roadway, surpassing the Santa Monica Freeway in Los Angeles and I-75 in Atlanta. The just-in-time auto parts delivery systems of the highly integrated automotive industry of Michigan and Ontario have contributed to the highway's status as the world's busiest truck route, carrying 60 percent of vehicular trade between Canada and the US.


title: Ontario Highway 401

text: Highway 401 also features North America's busiest multi-structure bridge at Hogg's Hollow in Toronto.