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The need for speed is costing billions

I will crack down on the "flash boys" says the Attorney General of New York State

By Eric T Schneiderman  

Traders on the floor of the New York Stock Exchange today. © Richard Drew/AP/Press Association Images

Traders are disappearing from Wall Street due to the rise of high-frequency trading © Henny Ray Abrams/AP/Press Association

Read a review of Flash Boys by Michael Lewis

Recently, Michael Lewis, the author of the new book Flash Boys, told 60 Minutes that “the stock market is rigged” by exchanges and high-frequency traders that use superfast computers, lightning-quick data networks and complex algorithms to execute enormous volumes of stock trades in milliseconds.

Now that high-frequency trading is finally getting the attention it deserves, the response has quickly devolved into a…

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