The above chart is courtesy of Nanex LLC. The green line is the best bid over time (unchanging), and the red is a constantly updating best offer (changing thousands of times per second with no trades). Do you want that “liquidity”? Can you even access those offers if you wanted to?
Jason Zweig, veteran Wall Street Journal reporter, wrote a balanced article over the weekend addressing the assessment of a transaction tax to reign in HFT: Flash Tax: Why Levies on High-Speed Trading Won’t Work. My partner Joe is quoted
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