The financial world is in uproar over controversial claims that high frequency traders are rigging stock markets.
A cohort of US financial firms are being accused of using speed - an advantage of just a few thousandths of a second - to fleece big money rivals and by extension ordinary savers and investors.
The allegations made in Flash Boys: Cracking the Money Code by Michael Lewis have prompted the US Justice Department to say it is probing high-speed trading for possible insider trading violations. The FBI and US financial watchdogs are also investigating the industry.
The book focuses on Wall Street share trading, but one City insider has commented: 'The same players are in the UK and Europe – if it’s happening in America, it’s happening here too.'
Detractors, spearheaded by Lewis, believe high frequency trading firms are deploying a host of strategies which exploit speed - literally a few milliseconds, less than the blink of an eye - to jump in on share trades and manipulate prices in their own favour.
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When this family settled in this area in the 1800's they made a cash purchase for those land rights to use those lands that are now in question. These land right were passed down from generation to generation. He owes the Government nothing. Everything on this Ranch was paid for by the Bundy family - No tax dollars have ever been accepted.
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