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Broken Markets: How High Frequency Trading and Predatory Practices on Wall Street are Destroying Investor Confidence and Your Portfolio by Joseph Saluzzi, Sal Arnuk

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Appendix. Themis Trading White Papers

This section reproduces some of the key white papers we started publishing in 2008 to explain market structure issues to our institutional trading clients. After posting these papers to the Themis Trading website and blog, many of them caught the interest of the financial media, regulators, and legislators searching for answers to all the volatile market activity we have seen.

—Sal Arnuk and Joseph Saluzzi

Contents

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Toxic Equity Trading Order Flow on Wall Street: The Real Force Behind the Explosion in Volume and Volatility

December 17, 2008

Introduction

Retail and institutional investors have been stunned at ...

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