The U.S. stock market conjures an image of adrenaline-fueled traders, yelling. That image is a memory. Now computers do most of the trading, silently. American equities change hands on about 50 mostly automated markets that exist in data centers in New Jersey and elsewhere. Microsecond reaction times have lowered investors’ costs and bestowed an advantage on trading firms that are primed for speed, while increasing the risk of errors that paralyze trading and shake investor confidence.
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