This is a fairly typical Nanex piece: start with loaded language before you&#x27;ve made your case, be &quot;data-centric&quot; yet leave out important details, intentionally exclude obvious details. By now this is all explained publicly many times over and Nanex are definitely aware of it.<p>In the follow-up they admit that by not being stupid you get the fill you want. Hence not rigged or stolen, just that naive execution is a poor choice: same as in unfragmented markets, same as before HFT.<p>A good reference is <a href="http:&#x2F;&#x2F;www.amazon.com&#x2F;Flash-Boys-Insiders-Perspective-High-Frequency-ebook&#x2F;dp&#x2F;B00P0QI2M2" rel="nofollow">http:&#x2F;&#x2F;www.amazon.com&#x2F;Flash-Boys-Insiders-Perspective-High-F...</a>.