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So the s&p goes up so the point of the line for the speed traders, the market movements, whether it s going up or down by a lot register first in chicago in the futures exchange. so they re making supposedly making markets in 4,000 individual stocks in new jersey. if they can get the signal first that the market is going down, they can get out or even sell to other people. so it gives them advance news on price movements in the market. so let me take you back, step back and if you look at what you re describing, it seems to me what you re talking about is more technology, more information, price information and more competition. and if you look over the last 20 years, haven t those three forces powerfully helped consumers and finance? that is to say, if you go back 20 or 30 years ago, it was much more expensive to buy and sell stocks. there were many more intermediaries, fancy brokers who you have to go to and that all these forces have been powerful kind of democratizing ....
Chicago to new jersey, he could do it four milliseconds faster. and he did it in complete stealth, dug a tunnel from the chicago mercantile exchange in chicago to building outside of the nasdaq stock exchange and laid this straight fiber. and without knowing exactly what the market for it was or anything. he goes in to high frequency traders and says if you don t have this, you re out of business. the fact that someone could dig a tunnel, i mean, it was evolving a project involving thousands of men, cost $300 million, $400 million. ran through states, public right-of-ways in states without anybody knowing what it was improve. to improve speed by three or four millisecond. which is about the time it takes for the chicago s&p s futures to be sent to new york. so the s&p goes up so the point of the line for the speed traders, the market ....