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High-frequency trading has its own school in Jersey

Where's the next generation of high-frequency traders? They are right across the river from Wall Street.

CNBC took a tour of the Hanlon Financial Systems Lab at the Stevens Institute of Technology in Hoboken, N.J., where students are learning to engineer programs that will be used in high-frequency trading.

Students use the same state-of-the-art industry equipment found on the trading floors of the world's biggest financial firms. They're trained not only on the fundamentals of the financial markets, but also learning the modern programming languages necessary to build algorithms that will get computers to trade faster than you can blink.

Read MoreDark markets more costly than high-frequency trading?

Students use live real-time market data to make simulation trades and execute their own algorithmic trades.

High-frequency trading has come under increased scrutiny since the release last week of Michael Lewis' book "Flash Boys." Stevens Institute is mentioned in the book.

By CNBC's Jessica Vanacore