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Reading Summary - Superfast Traders Feel Heat as Bourses Act.docx

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Western University
Geography 3422A/B
Milford Green

Superfast Traders Feel Heat as Bourses Act 3/11/2013 10:48:00 AM Superfast Traders Feel Heat as Bourses Act  More than 100,000 Treasury futures contracts were traded just after Ben Bernanke, Federal Reserve chairman, began speaking about the US economy o The volume of trading was such that it raised suspicions that a computer program or “fat fingered” dealer was to blame o One theory was that an “algo” run by a so-called high- frequency trader had erroneously fired off orders in electronic bursts at ultra-fast speeds o The gossip showed how widespread the fear has become that HFT algorithms (which make up the bulk of activity in futures and equities) could cause big market swings (like what happened in 20 minutes of trading in the “flash crash” of 2010)  HFTs use sophisticated programs to interpret or anticipate market signals  The computers trade in fractions of seconds and earn profits by exploiting ti
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