"Liquidity is a product like a hamburger is a product." answers a lot of questions about market microstructure. "Why does McDonalds practice high frequency hamburger making?" "Why do people want to sell hamburgers to middle class Americans?" "Why so much money in hamburgers?"
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"Are hamburgers actually important, or is that just what Big Hamburger wants you to believe?" "Is the secret sauce of hamburgers actually poison?" "Michael Lewis claims that hamburgers are made out of the lamentations of poets from undiscovered dimensions. Are hamburgers safe?"
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I will suggest that there is a legitimate critique (which I made 8 years ago) buried in the nonsense. Specifically, providing liquidity is valuable but the latency arms race is not.https://www.chrisstucchio.com/blog/2012/hft_apology2.html …
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Couldn't you argue there's some social benefit to comms and algorithms surrounding HFT? I know Startlink could cut latency, significantly, to distant markets--if HFTs are a significant investors in it for the latency boon, it could help further the network for others.
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