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High-frequency traders are firms all around the world. They're massive investments. And there is an incredible race for speed now. People are paying hundreds of millions of dollars to shave milliseconds off.

It is usually people in the money business, finance, and international trade that are really rich.

We built a market at IEX that does not sell certain types of technology advantages to high-frequency traders, and as a result, the high-frequency traders that didn't rely on buying those advantages trade on IEX.

Financial institutions like to call what they do trading. Let's be honest. It's not trading; it's betting.

Big money is made in the stock market by being on the right side of the major moves. The idea is to get in harmony with the market. It's suicidal to fight trends. They have a higher probability of continuing than not.

A lot of companies are global.

Stock exchanges say that more than half of all trades are now executed by just a handful of high-frequency traders, who use rapid-fire computers to essentially force slower investors to give up profits, then disappear before anyone knows what happened.

We can prevent unfair advantage, and we can avoid the destabilizing effect that high frequency trading can have.

More and more investors may be coming into markets everywhere but that doesn't mean that the markets are really getting more and more efficient, even in the United States. It does mean that there is more access for savvy investors who watch the money flows.

If you go back to the time of J.P. Morgan, the world of high finance was completely wholesale. The prestigious investment banks on Wall Street appealed exclusively to large corporations, governments, and to extremely wealthy individuals.