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Money Managers Go on Offense Against Speed Traders
Stock exchanges once were operated as not-for-profit public utilities, managing the listing and trading of companies in the public marketplace. Today, they have morphed into rent-seeking, publicly traded companies in the zero-sum game of executing orders. Where once there were many winners, now there are distinct winners and losers. High-frequency, algo-driven traders -- and the exchanges that now exist to serve them -- are the winners; everyone else is a loser. The result is that a business that once helped to create wealth now only serves to shift some of it around. Exchanges now operate primarily to move money ... (full story)
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