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High-frequency trading is a catchall description of several different approaches to stock-trading that capitalize on the blinding speed of supercomputers in analyzing and responding to market data. The owners of these supercomputers, investment firms such as Goldman Sachs and Citadel Investment in Chicago, employ special proprietary algorithms to interpret the data and execute transactions - all in less time than it takes a human to conjure a thought. Already, various forms of high-frequency trading, taken together, account for more than half of all trading now taking place in the U.S. Critics say the practice can raise the cost...
While critics of co-location cry foul, reps from the NYSE say co-location is common and fair and that all exchanges charge for similar services. The exchange doesn't consider it special access because any firm that wants to can pay the fee and co-locate. Furthermore, firms that co-locate aren't at much of an advantage if they don't know how to program their computers with the algorithms that will ultimately keep them ahead of the crowd. (See 10 ways your job will change in the coming decade...
...thing the exchange is not doing is telling the public just who it is that uses the exchange's special access to conduct high-frequency trades. The NYSE plans to keep secret the small group of investment firms that collectively make what could be billions of dollars a year off their special access...
...while there has always been some level of special access at the NYSE in the form of trading members who could do more than other firms, the big difference is that that list is public. The NYSE's push to keep the list of firms using co-location services private continues to keep what some consider a shady practice even more in the shadows...
...countries. For a while, speculation centered on former Vice President Al Gore, who in 2004 co-founded Current TV, the network the two journalists work for. But Gore's direct stake in the case put him in a complicated spot. Plus, there was another, arguably better option for a special envoy: the Secretary of State's husband, who just happens to be a former President...