In Defense Of The High-Frequency Hackers

It's a potential "doomsday machine." It's "quite literally out of control." Hedge fund managers and Nobel winners say it should be banned. Others insist it should at least be regulated. Its practitioners are "parasites." Mark Cuban says they are "the ultimate hackers," who "scared the hell out of me." Last week they wiped out $440 million of Knight Capital's capital. Earlier this year they messed up Facebook's IPO. A couple of years ago they caused the Dow's 1,000-point flash crash. And everyone's horrified by that GIF making the rounds. Yes, it's the b?te noire to end all b?te noires; high-frequency trading. The only problem here is that I don't really see the problem.

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