I think a better question is this. If we treated the decentralized exchange infrastructure as seeking to optimize its behavior (towards) some centralized ideal functionality — would it allow the sort of trading patterns alleged in FB?
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The fact that Vanguard says "We are the world's biggest passive investor, we've studied this exhaustively, and our conclusion is computerized trading greatly decreased our cost of trading without harming execution quality" should be more or less dispositive to you on this point.
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So all the profit of HFT is coming from the wealthy hedge fund customers, none of which are hidden inside my 403b disguised as corporations or something.
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(that internalizer: likely using HFT tech)
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Can confirm.
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