http://arstechnica.com/tech-policy/news/2009/08/nyse-builds-computer-trading-mothership-worries-abound.ars
It's quite remarkable to me that many of the econ and finance folks who insist that "HFT is the same thing we always did, just way faster" don't seem to realize that frequency and amplitude matter a whole lot, and that for any given phenomenon when you suddenly increase those two factors by an order of magnitude you typically end up with something very different than what you started with. This is true for isolated phenomena, and it's doubly true for complex systems, where you have to deal with systemic effects like feedback loops and synchronization/resonance.
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