Fidessa's Steve Grob responds to CME chairman emeritus Leo Melamed's defence of HFT.
Interesting to read the venerable Leo Melamed's open letter
in the FT this week on HFT and regulators. The CME's chairman
emeritus certainly makes a good point when he says that trying
to stifle innovation is both wrong and inevitably doomed to
failure, but I am not sure he's completely right in a couple of
First, whilst it's true that algorithmic or HFT players have
indeed had the effect of narrowing spreads, this is not always
the best thing...
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