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Powerful computers, some housed right next to the machines that drive marketplaces like the New York Stock Exchange, enable high-frequency traders to transmit millions of orders at lightning speed and, their detractors contend, reap billions at everyone else’s expense.
These systems are so fast they can outsmart or outrun other investors, humans and computers alike. And after growing in the shadows for years, they are generating lots of talk.
Nearly everyone on Wall Street is wondering how hedge funds and large banks like Goldman Sachs are making so much money so soon after the financial system nearly collapsed. High-frequency trading is one answer.
And when a former Goldman Sachs programmer was accused this month of stealing secret computer codes — software that a federal prosecutor said could “manipulate markets in unfair ways” — it only added to the mystery. Goldman acknowledges that it profits from high-frequency trading, but disputes that it has an unfair advantage.
Yet high-frequency specialists clearly have an edge over typical traders, let alone ordinary investors. The Securities and Exchange Commission says it is examining certain aspects of the strategy.
originally posted by: jimmyx
originally posted by: AutumnWitch657
a reply to: jimmyx
They are still having issues meshing their system with Continental Airways since their merger. There was another issue just last week with reservations.
NYSE just released a statement that they chose to shut down trading due to internal computer issues and state emphatically that this is not a hack.
just heard on CNBC that the FBI have contacted the NYSE to offer help if needed…...yeah, right because the FBI gets involved in router problems...ok sure
originally posted by: Crakeur
Anyone know what's in St Louis that china would be attacking?
It's a secret, but NORSE is located in the suburbs of St Louis - you're seeing the packets that they're intercepting.
101 South Hanley Road, Suite 1300
St. Louis, MO 63105