Microseconds Under the Microscope

The investigation aims to determine whether tactics such as high-frequency trading and co-location cater to the largest, richest firms while disadvantaging retail investors, and whether the "highly automated, high-speed market structure" is "fundamentally fair for investors." It wants to examine what types of high-frequency trading strategies are used for prop trading, whether these are "beneficial or harmful for other investors," and if so, whether the SEC should regulate those deemed