, Columnist
The 'Flash Boys' Exchange Is Still Controversial
Does an exchange have to be fair to high-frequency traders to be fair?
If you are interested in market structure and high-frequency trading, you might want to go have a look at the comments that the Securities and Exchange Commission has received on IEX's application to become a public stock exchange. Many of them provide illuminating discussions of contested questions of market structure. Many, though, don't. Instead, they provide a sort of illuminating meta-discussion of market structure; they give you a sense of what we talk about when we talk about market structure. It's not market structure! It's this:
Or this: