Two basic problems undermine the principle of fairness in many of today’s financial markets. Some participants use their technological superiority to make trades at a faster pace than other investors. Some traders use technological trickery to gain unfair advantages in terms of market manipulation and price discovery. In theory, the solution to these ...

Financial markets and the exchanges that support them depend on a public perception of fairness. This perception is essential to maintain the confidence of investors. Today, however, there are a number of technological vulnerabilities in the market that give a few ultra-sophisticated traders a decided advantage over others. High-frequency trading, algorithmic ...