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 areas.
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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