Hot Topics in Tech: U.S. trader found guilty in landmark "spoofing" case. U.S. regulator signals bid to curb high-speed trading. Exchanges face pressure to disclose high-speed trader perks. CME experiments with real-time margin payments, unveiled a deal with Dwolla. CBOE expands EMS connectivity between traders and workstations. Orc Group merges with CameronTec to jointly foster trading solutions.

The Inbox: Listener questions and comments

• Question from Angelo Myers - Loved the deep dive into FPGAs last episode. I am a hardware wonk. What other hardware developments do you feel have been crucial to the trading landscape? Options or just general financial?
• Question from JimWow -Hello team! Can you please explain what a complex order book is and how it works?
• Question from Bill Williams - Lots of talk about putting a speed bump into the market to stop or slow down HFT jerks. Thoughts? Will it work or will the Cybermen just figure out a way around it?