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High-frequency trading has become controversial, with critics charging that traders are manipulating the market, taking advantage of the little guy, and even courting a full-scale financial meltdown. The critical voices are growing louder and more united, and they’re reaching higher up the rungs of power. In September, Senator Edward Kaufman (D-Delaware), speaking on the floor of the U.S. Senate, worried that the United States was moving toward a situation with “one market for huge-volume, high-speed players, who can take advantage of every loophole for profit, and another market for retail investors, whose orders are seemingly filled as an afterthought.” The Securities and Exchange Commission has recently proposed a rule to eliminate one controversial tactic of high-frequency traders: the “flash trade,” in which exchanges alert designated traders toincoming orders. Critics call it a variation of front-running, an old (and illegal) practice that invol

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Trading Shares in Milliseconds[MIT Technology Review]

Thesys to Build System Tracking All Stock and Options Orders[WSJ]