The new barbarians of Wall Street

In the spring of 2007, Brad Katsuyama, a rising New York banker at the Royal Bank of Canada, realized something was funny with the markets. He was trying to buy 10,000 shares of Intel, offered at $22. But the moment he pushed the buy button, the offers vanished. It was as if the market were reading his mind and adjusting the prices just before he made his trade. He wasn't far off.

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