In the introduction to this series, I pointed out a fact that concerns everyone who believes in the principle of fair trading: A relatively small group of technologically sophisticated traders have learned how to build and locate computer platforms that can communicate and make buying and selling decisions faster than the vast majority of other investors.

Clearly, this split-second trading advantage plays an important role today in a number of questionable practices that have a significant impact on market gains and market volatility.

Let me explore two prominent examples.

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