It’s not “rigged” exactly, but the ultra fast frequent traders whole business model is based on, in essence, making a profit by making other buyers pay slightly more than they otherwise would have paid.
The whole thing can be largely fixed by making the electronic “auctions” happen only once every second. Then milliseconds advance knowledge advantages will largely not matter.
Or.....
Buyers and sellers can use “limit” orders.
If you don't get your exact price, or, if you don't get your exact share count, your order is cancelled.
End of story.
High speed traders are completely irrelevant in a world of
“limit” orders.