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When you have an environment when 45% of the trading activity for a heavily traded stock is obscured for many years

I'm not sure what you mean by "trading activity," but this article says 45% of the trades, _not_ 45% of the volume. We don't know what fraction of volume because the author doesn't bother to tell us. That's why the article is crap. It makes a bunch of extremely contentious claims and doesn't answer any of the important questions.




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