Speed Traders Seize NYSE Floor as IMC Takes Goldman Post
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When Scott Knudsen rang the opening bell at the New York Stock Exchange this week, he signaled the ceremonial start of the day’s session and the conquest of the NYSE floor by high-frequency trading firms.
His firm, IMC Chicago LLC, just finished its takeover of Goldman Sachs Group Inc.’s NYSE unit, giving it rights to manage buying and selling of dozens of stocks including prominent ones like International Business Machines Corp., Verizon Communications Inc. and Visa Inc.