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Crapshoot Investing: How Tech-Savvy Traders and Clueless Regulators Turned the Stock Market into a Casino by Jim McTague

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1. Strange Encounters

Beginning in 2007, two long-time equities traders named Sal Arnuk and Joseph Saluzzi noticed some weirdly disturbing price movements in the stock markets as they observed client trades on their multiple screens in a small trading room in quiet Chatham, New Jersey. When they went to hit a bid on certain exchanges, the price suddenly disappeared and either a lower or higher bid instantly appeared in its place. It was as though some invisible, malign force was attempting to trick the traders into chasing the stock up or down the price ladder. Never before had they seen anything like it. The ghostly presence was so incredibly fast that there was absolutely no chance of the traders ever winning the game. The deck was stacked ...

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