Once you read this book, you will never see Wall Street brokers and Investment banks in the same light ever!
Except , of course, if you r broker has the "RBC nice" gene in them....
HST, High Speed Traders, exploit "slow"LATENCY speed of retail clients ie the time it takes for your BUY/SELL into the exchange, and back by gleaning into the intent of the orders BEFORE it reaches the exchange's matching engines.
This gives the HST'er a chance to forerun you ie buy before you buy, and then sell to you at a fraction higher. A penny a time, just like Google...making pennies, a billion or trillion times a day.
'Given the total value of about RM225 billion a day, imagine the gold mine that these high speed traders are able to exploit!
Add to this intrigue, the " dark pools" operated by Investment banks ( whereby retails buy orders are matched with the firm's own sell orders , without having to go through the exchange )...
... the rebates given by the public 11 ) and private exchanges ( 44)...
... the dedicated fibre optic lines from Chicago to New York... to shave off a few microseconds...
... and the modern day Robin Hood, called the IEX...
Wow... this book is one good read, man... a financial thriller!
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