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"America's Equity Markets Are Broken" Yale CIO Admits "Rigged Markets" Hurt Individuals

Authored by David Swensen (Yale CIO) and Jonathan Macey, Op-Ed via NYTimes.com,

America's equity markets are broken. Individuals and institutions make transactions in rigged markets favoring short-term players. The root cause of the problem is that stocks trade on numerous venues, including 11 traditional exchanges and dozens of so-called dark pools that allow buyers and sellers to work out of the public eye. This market fragmentation allows high-frequency traders and exchanges to profit at the expense of long-term investors.

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