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LETTER FROM THE EDITOR
Brigagliano alluded to concerns raised that high-frequency traders had the ability to access markets more quickly than others through high-speed trading algorithms and co-location arrangements. This ability, he said, may allow those participants to submit or cancel orders faster than long-term investors, which may result in less favorable trading conditions for these investors. "This quicker access could, for example, enable high-frequency traders to successfully implement 'momentum' strategies
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