Thanks for the thoughtful response. I'm still reading through the efficiency analyses. I note that none of your sources refute the fairness argument. Source [3

Thanks for the thoughtful response. I'm still reading through the efficiency analyses. I note that none of your sources refute the fairness argument. Source [3] concedes it, concluding that "HFTs impose adverse selection costs on other investors, by trading with them when they (HFTs) have better information". > how does price discovery function [without] asymmetry? what "fair" advantages would you allow Why wouldn't the market work without information asymmetry? Pricing would still be a difficult problem because in practice, it's difficult to predict the future even with "perfect" information. The market will reward good judgment. I agree that the market also motivates useful information discovery, such as satellite imagery, but this ties back into the question of whether microsecond pricing actually increases efficiency.