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In short, exchanges have long been in the business of attempting to control information, enabling some traders to execute orders faster than others.
WSJ: New Twist Is Added to an Age-Old Saga
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Exchanges are scrambling to cater to the high-frequency crowd, in part because the huge volumes they generate can make it easier for other traders on the exchange to execute orders.
WSJ: Ban on Flash Orders Is Considered by SEC
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Goldman, along with the Citadel hedge fund and Knight Capital Group, owns Direct Edge, a broker-dealer that provides one-stop shopping by aggregating orders and using 10 of the most active dark pools to execute orders.
FORBES: Watch Out For The Quants