Perfect Pilfering Link
The stock market is not for mortals. This analysis by Nanex (if true) explains how trade orders are intercepted within 1ms. Pretty interesting stuff in the age of cheap and powerful computers.
I love this bit though:
One more note to the SEC in particular - if you believe that the industry can fix these problems on their own, then we believe you are no longer fit to regulate, because that is not, and never was, how Wall Street works.
By way of Nanex on Twitter