https://www.wsj.com/articles/high-fr...mes-1490092200
It turns out the hysterics were wrong again. The boogeymen HFTs who have brought costs down considerably from the old days of floor traders are experiencing the same challenges every hyper-competitive business has. It turns out technology has made market making a commoditized business and all the "excess" profits have been competed away, just like it happens in every competitive business. All of the cries that high frequency trading makes markets more unstable and a few well connected fat cats are making too much money and should be taxed more were all wrong. Flash Boys, Bernie Sanders, Zerohedge all wrong as they always are.
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