Changes in the market structure posed a risk of creating a two-tiered and fragmented market that disadvantaged long-term investors and made government unable to regulate that market. Aided by computer algorithms, high frequency traders were able to make trades in milliseconds; dark pools allowed confidential trading; and flash orders gave some traders information about orders before the wider market. Senator Kaufman argued that these practices threatened to erode the market’s credibility, and he worked to establish fairness for investors.
