In our morning note, we often tackle some tough market structure issues. Many times we have taken issue with some aspects of high frequency trading. We often feel like it is a battle that we fight with an enemy that we can’t see. After all, except for the guy above the hardware store in Red Bank, NJ, nobody in the HFT community likes to speak publicly. We are not quite sure why they don’t speak more. Are they hiding something from their competitors or
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