Man vs. Machine

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  • It's a brave new world of securities trading and new worries for the public.

  • There are nearly 50 trading venues. Customers can interact in all of them--making today's trading so complicated.

  • How does an order flow? How does it actually execute? Who facilitates the trade?

  • Ah, the good old days of 1960. It was pretty simple then. Not so in 2010. Here's a brief history.

  • More than half of all stock trades are the result high-frequency trading. Does that put the system at risk?

  • The SEC is working to improve the way it monitors and regulates the markets. Here's what needs to be done.

  • High-frequency trading has spawned a new breed of market mavens far different than the traditional Wall Street titans.

  • The May 2010 Flash Crash helped draw attention to how fragmented the stock market has become and how potentially illiquid it can be in an era of high-speed, computer trading.

  • Worries about the role ETFs play in changing the nature of how people invest and the market’s high correlation to itself.

  • There is genuine concern that changes in market trading structure are leading to the death of stock-picking as we know it.

  • Are NYSE and Nasdaq conflicted? They serve both shareholders, and investors, to whom they must maintain a transparent marketplace.

  • Four ways individual investors can fight back against a high-tech army. The trick may be to join them.

  • Inside the Machine

    An editor's journey into the world of high-frequency trading and proprietary algorithms that make or break markets.

  • These hotshots aren't household names. Until recently, they've shunned the limelight.

  • When the SEC reveals the results of its investigation, it's a good bet it won't finger the real culprit: itself.

  • Man_Vs_Machine_520_intro.jpg

    The days of shares "changing hands' are long gone. Now it is man and machine, and sometimes, man vs. machine.  Here's a look at the  players, companies, technologies and trading platforms.