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　　Technology has made stock trading easier, enablingworldwide participation in U.S. financial markets.Now -- with advanced super computers andagreements with trading exchanges - some companies are able to trade stocks in fractions of asecond. The practice -- known as high-speed trading -- is controversial. But as St. John’sUniversity professor Michael Perino points out, traders have been trying to speed up theprocess as long as there have been securities markets.

　　“There is a great old story, it may not be true or not, but apparently the Rothschilds usedcarrier pigeons to get word of Napoleon’s defeat at Waterloo before anyone else and mademoney in the London Stock Exchange that way," he said. "And through telegraphs and fiber-optic cables throughout the years, everybody is trying to get faster and faster to theinformation because it gives them a competitive advantage. High frequency traders just takethat to the next degree.”

　　Still, these high frequency trading practices have come under the scrutiny of both the U.S.Justice Department and officials in New York State. Attorney General Eric Holder confirmed aninvestigation is underway.

　　“We at the Justice Department are investigating this practice to determine whether it violatesinsider trading laws." he said. "The Department is committed to ensuring the integrity of ourfinancial markets -- and we are determined to follow this investigation wherever the facts andlaw may lead.”

　　For a fee, some of the exchanges and financial information services have supplied the highspeed traders with extra bandwidth, special high speed switches and ultra-fast connectioncables. With that arrangement, HFT (High Frequency Trading) companies can receiveinformation faster and gain an advantage over others in the market.

　　A new and controversial book, “Flash Boys,” has whipped up a storm about such tradingpractices, and cites BATS Global as one company it says is rigging the markets. On a businessnetwork program on CNBC, BATS CEO William O’Brien defended his company’s activities.

　　“BATS Direct Edge didn’t exist 10 years ago," he said. "And we became the biggest stockmarket on any given day in the United States by going to our customers, proving we had avalue proposition and winning their business. We didn’t do anything by trying to scare people.And, I don’t think it’s true and I don’t think it’s right. “

　　Drexel Hamilton is a typical full-service institutional broker-dealer. Like many other broker-dealers, it believes high frequency trading could kill the market place and turn away customers.Ian Burgess, a managing director at Drexel Hamilton, says it makes the market less efficient.

　　“We see bids all of a sudden disappearing while we try to go in there and sell stock," he said. "We see offers also vaporizing when we’re trying to buy stock. It makes it much more difficultand much more costly, I think.”

　　The Wall Street Bull is still one of New York’s major attractions. But, the question is whether itwill continue to be an attraction if the investing public loses confidence in the stock market.

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