|This shouldn't come as news to anyone who has any knowledge of Wall Street, but yes, indeed, the stock market is rigged.
CBS News reports:
The U.S. stock market is rigged in favor of high-frequency traders, stock exchanges and large Wall Street banks who have found a way to use computer-based speed trading to gain a decisive edge over everyone else, from the smallest retail investors to the biggest hedge funds, says Michael Lewis in a new blockbuster book, "Flash Boys."
High-frequency traders have found ways to use their speed to gain an advantage that few understand, says Lewis. "They're able to identify your desire to buy shares in Microsoft and buy them in front of you and sell them back to you at a higher price," says Lewis. "The speed advantage that the faster traders have is milliseconds...fractions of milliseconds."This will be the subject of a segment of Sixty Minutes on Sunday, March 30 at 7 p.m. ET/PT.
Saturday, March 29, 2014
The Stock Market is Rigged
Posted by Unknown at 19:07