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“When something becomes obvious to you,” he said, “you immediately think surely someone else is doing this.”
The biggest enemy of the speed of a signal was the distance the signal needed to travel. “Physics is physics
the exchange enticed the brokers to send their customers’ orders to the CBSX so that they might be front-run back to New Jersey by high-frequency traders using Spread Networks.
It wasn’t necessary to eliminate high-frequency traders; all that was needed was to eliminate the unfair advantages they had, gained by speed and complexity.
They played only when they had an edge. That’s why they were able to trade for five years without losing money on a single day.
The big moves occurred first in the futures market in Chicago, before sweeping into the markets for individual stocks.
