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b'There\\u2019s a very special guest on the podcast this week, who I\\u2019m excited to introduce\\u2026\\nHis name is Haim Bodek, although some refer to him as \\u2018The Algo Arms Dealer\\u2019 (and I totally understand why).\\nHaim began his trading career at Hull Trading, a prestigious firm well known for driving forward innovation in the domain of automated trading. Following Hull, Haim then\\xa0went into\\xa0significant roles at Goldman Sachs, and UBS \\u2013 which are all discussed during the interview.\\nBut to further set the scene, in 2007 Haim founded Trading Machines, a high frequency trading operation. At the peak, Trading Machines accounted for 0.5% of all options trading volume, with a team of 25 (one of who, was Bryan Wiener of EP 040).\\nAll was well for a couple years until the beginning of 2009, when Trading Machines\\xa0ran into issues and began to bleed money, for unknown reasons. Until Haim later discovered, at the root of the problem were secretive order types being used by a\\xa0select few firms, giving them an unfair advantage to\\xa0front-run the orders of other participants.\\nWith this discovery, Haim went to the SEC to raise his concern about such order types \\u2013 little did he know at the time, that this would be the beginning for one of the most sophisticated and complex investigations carried out by the SEC to date. So of course, we speak about all of this in much more detail during the interview.\\nAnd we also speak about another fascinating topic \\u2013 which is, Payment for Order Flow. Haim shares with us what is really happening to your orders after you click the button to buy or sell \\u2013 you might even be surprised to find out that a large majority of retail orders, never even make it to an exchange\\u2026\\nLearn more about your ad choices. Visit megaphone.fm/adchoices'