I don't imagine Kaysuyama is that naive, he just had a product to sell. That product is a differentiated market that makes nbbo latency arb more difficult. Ag

I don't imagine Kaysuyama is that naive, he just had a product to sell. That product is a differentiated market that makes nbbo latency arb more difficult. Agreed the big anti-HFT/electronic market making bias is funny since we now have decentralized market makers competing for penny spreads. Versus the alleged "more fair" world we are supposed to yearn for is the pre-RegNMS days of 25cent spreads guaranteed to a guy on the NYSE floor. Where do people think their cheap/free trading commissions come from (that and PFOF). Also the idea that large holders of assets should be able to de-risk (or put on risk) without market impact by buying/selling huge lots at the bid/ask is interesting. It's the opposite of defending the little guy. NBBO was put into place to protect small investors more if anything as the first 100 share lot is protected. There is no constitutional right to buy a million dollars of some midcap stock at the ask.