> HFT being a lot about using computers to gain tiny information advantages (racing the speed of light between exchanges for example) to make perfectly safe arb

> HFT being a lot about using computers to gain tiny information advantages (racing the speed of light between exchanges for example) to make perfectly safe arbitrages millions of times a day and effectively skim off of the top of the market. That's entirely wrong. There's nothing safe about it, and they aren't skimming, they're trading exactly like every other trader is, making a guess and risking cash to see if they're right.