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I say all this to give context. Before the game was fast horses & special telescopes. Today it's glass fiber optic cable and microwave towers. This kind of jockeying has always existed and likely will always exist.
Across all high speed trading eras, one theme is clear: it's nearly impossible to stop smart, very rich traders from finding an edge, whether it be new technology or loopholes in existing laws.
it’s neat that on a clear day you can definitely see why a semaphore system would have worked well. who knew the good weather helped things other than microwaves :)
The problem is with each new speed increase incremental economic benefit from faster price discovery is smaller, while cost/barrier to entry is higher. Somewhere around spread networks link it became absurd
Yep, exactly. And each incremental reduction costs more, and floods the industry with more messages per second, increasing costs for everyone. Each latency reduction reduces the strategies that are profitable, leading to more self similarity and less diversity.
Can't forget about Rothschild's pigeons. Here's relevant sections from the (pro) HFT essays in the last part of 'Inside the Black Box', Narang. Recommended read.pic.twitter.com/41mhENhzIF
What a great thread. Thanks.
And if anyone does try to stop them, they can always pay politicians, hire regulators, silently pay academics, market researchers, and think tanks, join lobbyist groups, propose legislation, and sue the @SEC_News. They really are smart.
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