If you ever want to understand where the crazy volatility of the last years' is coming from or where the liquidity has gone over the last decade or why we had a Flash Crash, then you need to look at the chart below. The Machines have taken over the trading.....
Nanex: Incremental build-up over the last few years of superfluous quote traffic over the course of the day. That is to say, quotes which are entered into markets systems but are never actually transacted, hence they are Spam.
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