See also this article I wrote explaining this: https://www.chrisstucchio.com/blog/2014/fervent_defense_of_frontrunning_hfts.html https://www.chrisstucchio.com/b

See also this article I wrote explaining this: https://www.chrisstucchio.com/blog/2014/fervent_defense_of_frontrunning_hfts.html https://www.chrisstucchio.com/blog/2014/fervent_defense_of_f... Concretely speaking, HFTs price discriminate when providing liquidity. Grandma gets a good price to sell her 2 lots of GOOG, but Bill Ackman and George Soros need to pay more to sell 20000 lots.