Here's the chief executive of Vanguard (one of the largest investment management companies in the world) discussing how HFT has dramatically lowered their tradi

Here's the chief executive of Vanguard (one of the largest investment management companies in the world) discussing how HFT has dramatically lowered their trading costs: http://www.ft.com/intl/cms/s/0/ff8c6486-cb37-11e3-ba95-00144feabdc0.html#axzz37dq3BD3q http://www.ft.com/intl/cms/s/0/ff8c6486-cb37-11e3-ba95-00144... Spreads used to be a quarter, and now they're a penny! That's a huge deal!