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Barry Ritholtz

Money Managers Go On Offense Against Speed Traders

A new trading venue cuts high-frequency traders out of the action.
The trading battlefield.

The trading battlefield.

Photographer: Thomas Trutschel/Photothek/Getty Images

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.
QuickTake Trading on Speed