> Before HFT, stock exchanges couldn’t provide liquidity demonstrably false. "Liquidity" was available even before the dawn of networking. It was called "the t

> Before HFT, stock exchanges couldn’t provide liquidity demonstrably false. "Liquidity" was available even before the dawn of networking. It was called "the ticker." Anyone with a ticker could see the last trade in a given stock. You could call your broker and he/she would convert your stock into cash (minus commission). It was just slower. As in Ticker Tape Parade. https://en.wikipedia.org/wiki/Ticker-tape_parade https://en.wikipedia.org/wiki/Ticker-tape_parade