First there were ticket tapes, then there was the phone, then moved to banks of phones, Traders used a pipeline of input to size options for buy/sell then the market moved to computer systems then to higher speed technology and then to more sophiscated trading assumption and bingo we are at today. There are two basic requirements for Trader's, (a) knowledge and (b) speed. having a better set of business assumptions for buying/selling and then being able to execute these is not illegal and in fact it is the basic of trading. All the fuss about the way Trading Companies have been successful in building systems and data bases to determine the fastest way to execute is not wrong. This new system of the market started in early 90's and progressed to today. Some did not see the benefits of new systems and they are now ticked off because they are being beaten. I think the fuss on 60 Minutes and the article in the WSJ is bogus.
