By Cliff Asness et al. Very cogent, inwards my view. The bottom line:
In summary, nosotros don't believe HFT profits are excessive or excessively consistent. We censure illegal front end running every bit strongly every bit anyone, exactly it has well-nigh nil to produce amongst HFT per se. Canceling orders inwards the procedure of providing liquidity is fundamental to whatsoever variety of marketplace making, whether HFT or not. We back upwards the correct of HFTs, or anyone, to get to gauge the administration of the market, using guild menstruum or whatsoever other world information. We non entirely back upwards the right, nosotros celebrate the successful practice of that correct every bit it adds to world welfare past times making markets to a greater extent than efficient in addition to lowering the toll of investing. Lastly, nosotros believe markets are "rigged" inwards favor of, non against, retail investors.Sumber https://gregmankiw.blogspot.com/
