The auctions we can observe (open/close) do not disadvantage micro structure traders. Quite the opposite they are where the most games are played. I don’t know

The auctions we can observe (open/close) do not disadvantage micro structure traders. Quite the opposite they are where the most games are played. I don’t know if that’s because it’s open/close, because it’s different to regular matching or if it’s intrinsic to auctions. My personal opinion is that this change will have lots of unintended consequences and it may even cause a shuffling of who are the big players. But it likely won’t mean the end of HFT microstructure trades. At least I hope not because I believe that would lead to higher spreads and less liquidity.