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You are totally wrong, to put it simply. He is not making stuff up. Flash Boys is an entertaining write-up of how the firms are inserting themselves, and how t
by MagnumOpus 11y ago
You are totally wrong, to put it simply. He is not making stuff up.
Flash Boys is an entertaining write-up of how the firms are inserting themselves, and how they are "seeing" orders at one exchange before the order arrives at another exchange.
- ctlby 11y agoThere you go again with "insertion." HFT market-makers don't thrust themselves between two people who are about to transact. Their orders were already in the market, and you came to them. The "Flash Boys" case is a funny one. The HFTs did see the orders--but so did EVERYONE else, and in basically the same instant, because all transactions are publicly disseminated. Your point is right in a very narrow sense and very wrong on every axis that actually matters. I'm mystified as to why Flash Boys didn't valorize high-frequency trading. It's a Moneyball story where the scrappy nerds use computers and math to out-compete the dinosaurs. Oh well.