3 ms·
no, the higher price was due to arbitrage and not front-running. Large orders always move the market (this is simple supply/demand economics), HFT makes this mo
by mmaldacker 13y ago
no, the higher price was due to arbitrage and not front-running. Large orders always move the market (this is simple supply/demand economics), HFT makes this move much faster than before. Large orders are usually cut-up in smaller pieces to minimize this price move and get a better price. Katsuyama is just butt hurt that his 1990's trading style doesn't work anymore.