Much of the information in this video is incorrect and makes the same mistakes that the general media makes when trying to explain high frequency trading. In particular, it fails to mention the fact that pre-routing exposure to local exchange members is an optional feature of orders (i.e. when you send an order, you can choose whether it is a flash order) and thus cannot disadvantage the sender, it incorrectly explains what an automated market maker is, fails to correctly explain the rules of NMS routing, and misstates the role of liquidity rebate in high frequency trading.