This is a fairly typical Nanex piece: start with loaded language before you've made your case, be "data-centric" 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.
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.
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.
A good reference is http://www.amazon.com/Flash-Boys-Insiders-Perspective-High-F....