This is one of those articles that sounds carefully sourced, but really isn&#x27;t. To say that Hunsader is a controversial figure would be deceptively understating it: &quot;a conspiracy theorist without the theories&quot; is one description I&#x27;ve received. I&#x27;ve heard good things about Nanex data, but also lots of warnings about taking their analyses too seriously.<p>Meanwhile, the article sources nothing but pundits and advocacy groups that were predisposed to promote Hunsader&#x27;s theories, regardless of how accurate they&#x27;ve turned out to be --- for instance, it includes a warm quote from Brad Katsuyama, who left a job at a giant investment bank to start a new exchange ostensibly designed to retard HFT.<p>It is far from clear that Hunsader was right about the Flash Crash, and Navinder Singh Sarao&#x27;s spoofing operation is to HFT what... well, actually, let&#x27;s just let Matt Levine&#x27;s headline about Sarao do the rest of the work:<p><a href="http:&#x2F;&#x2F;www.bloombergview.com&#x2F;articles&#x2F;2015-04-21&#x2F;guy-trading-at-home-caused-the-flash-crash" rel="nofollow">http:&#x2F;&#x2F;www.bloombergview.com&#x2F;articles&#x2F;2015-04-21&#x2F;guy-trading...</a>