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Good explanation of Wall Street trading and impact of high frequency trading.

www.atimes.com/...KH05Dj03.html - Preview

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It’s hard to imagine a better illustration than high-frequency trading. The stock market is supposed to allocate capital to its most productive uses, for example by helping companies with good ideas raise money. But it’s hard to see how traders who place their orders one-thirtieth of a second faster than anyone else do anything to improve that social function.

www.nytimes.com/...03krugman.html - Preview

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