I wrote in the @FT today on the resurgence of high-frequency trading: ft.com/content/73ceb3…
The issue is not whether these firms are successful. Clearly, they are.
The question is whether the market structure enabling their rise still serves the wider market.
More trading now happens across fragmented venues, away from public exchanges, and through systems ordinary investors rarely see or understand.
Retail investors may have more access than ever. But if their orders, data and economics are increasingly routed toward a small group of sophisticated intermediaries, we should ask who the system is really working for.
The HFT boom is real. The bigger question is whether it has made markets better, or simply made a narrow slice of the market better at extracting value.
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