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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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12. Killing the Stock Market That Laid the Golden Eggs

Guest Chapter by David Weild and Edward Kim

Introduction by Sal and Joe: David Weild stepped up to the podium. It was October 2011, and he was about to address a roomful of finance executives in Atlanta at an event called The CFO Roundtable. Behind him, his first slide lit up on the screen: “The Tipping Point: Is Stock Market Structure Causing More Harm Than Good?” Little did they know it, but these CFOs were about to get an eye-opening look at how the stock market has been failing them.

Weild organized a well-informed panel: Mark Grier, vice chairman of Prudential Financial; Jeff Connaughton, former chief of staff to U.S. Senator Ted Kaufman; and Joseph Saluzzi of Themis Trading. Weild’s ...

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