What did the SEC do when it realized the danger to other investors from high-speed trading? Did it warn the American people? Order high speed trading to cease? Ban algorithms designed to cheat other investors? Absolutely not!
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Speed traders make a fraction of a penny in fees, paid by stock exchanges, for each of the quadrillions of orders that traders can execute within mere seconds -- while losing no money, ever.
The question is explored broadly in Dark Pools: High-Speed Traders, A.I. Bandits, and the Threat to the Global Financial System.
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