How to Make Money in Microseconds
www.lrb.co.uk/v33/n10/donald-mackenzie/how-to-make-money-in-microseconds
From the page
Saved with the link. Notes from 2007 to 2016 are mostly the page's own words, so this is probably an excerpt.
What goes on in stock markets appears quite different when viewed on different timescales. Look at a whole days trading, and market participants can usually tell you a plausible story about how the arrival of news has changed traders perceptions of the prospects for a company or the entire economy and pushed share prices up or down. Look at trading activity on a scale of milliseconds, however, and things seem quite different.