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Moore's Law has enabled an era of IPO price instability.
Market participants can now collectively overwhelm trading systems. First BATS, and now FB. #facebook

Quote: Thanks to the work of Telis Demos in an article ‘Raindrops’ raise questions after Facebook IPO we now know the cause of the opening delay was excessive quote cancellations
Only High Frequency Traders (HFTs) can cancel quotes at that rate. And ironic enough, it was mostly HFTs that benefited later when Nasdaq quotes stopped coming from the Securties Information Processor...
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