The big exchanges are showing a little leg to the HFT players in exchange for kick-backs via fees. EDIT: cannot reply due to HN rulz, hence inline... The exch

The big exchanges are showing a little leg to the HFT players in exchange for kick-backs via fees. EDIT: cannot reply due to HN rulz, hence inline... The exchanges compete. The more asymmetric you make the platform for HFT vs the rest the more business you get. Where would you trade? Somewhere you can win or not? Do I want a piece of that? I might let you know the incantations required if you pay me for the "service". In theory other liquidity might move away but many ECNs have a very dominant position. For example NYSE.