Word: arnuk
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...server space within or near the NYSE or another exchange's computer servers to get access to trading statistics faster - just milliseconds faster - than competing investors. This is just one of the techniques that have come to light in recent weeks as the result of a paper by Sal Arnuk and Joseph Saluzza, co-founders of Themis Trading...
...them have the ability to execute at lightning speed, and the closer their computers are to the ultimate destinations, i.e. exchanges, the more of an advantage they have," says Arnuk, whose paper began circulating several months ago, setting Wall Street abuzz. (See pictures of TIME's Wall Street covers...
...Arnuk also asserts that co-location gives firms that can afford to do it an unfair advantage, because the exchange is "offering them things that the general investor does not get." (Firms pay for the server space they use: as little as $50,000 a year, but as much as $500,000 a month to co-locate at the NYSE and other exchanges, says Murray White, senior vice president of global technologies at the exchange...
...Still, Arnuk says the problem isn't resolved so long as exchanges are making markets more opaque and multi-tiered than ever. "If small investors and if long-term investors - and by long-term investors, I mean longer than a few seconds - if long-term investors don't have confidence that they're on [a level] playing field with giant supercomputers ... How are they going to feel about owning equities? That's the real scare...
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