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A comment on A veteran programmer explains how the stock market became “rigged”. Parent comment
Alter the scenario here:
1. Buyer wants 25 shares, buys all available shares at his limit price on exchange A.
2. HFTs 1-n see the entire quote taken at Exchange A and rush to buy all available shares at that price on Exchanges B-K
3. HFTs now own a few hundred shares of Acme corp that they need to unwind.
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Alter the scenario here:
1. Buyer wants 25 shares, buys all available shares at his limit price on exchange A.
2. HFTs 1-n see the entire quote taken at Exchange A and rush to buy all available shares at that price on Exchanges B-K
3. HFTs now own a few hundred shares of Acme corp that they need to unwind.