MC is confused. High frequency trading covers a broad range of trading strategies, some of which are beneficial to market participants. In particular, were al

MC is confused. High frequency trading covers a broad range of trading strategies, some of which are beneficial to market participants. In particular, were all automated market making to be banned, we would see a huge jump in the cost of trading. The fuss about HFT is distracting people from the much more serious problem of good old-fashioned insider trading, which remains rampant.