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Anyone who finds HFTs to be valueless is free to not pay: https://www.chrisstucchio.com/blog/2014/how_to_not_get_ripped_off_by_hft.html https://www.chrisstucchi

• lmm 12y ago
  Does anyone big not do that, in practice? Are there big time-insensitive fundamentals traders who will rest an order outside the spread for hours or days until it gets hit? (in practice if you wanted to do that maybe you'd just only trade in the day-open auction, where there's no maker-taker?) I understand that it's theoretically an option, just interested to know whether people do that in practice.
  • yummyfajitas 12y ago
    Not very much. If you are big, you want big fills. You need market makers for that - i.e., you need what HFT's are selling and would be worse off without them. Of course if you are time insensitive, you can certainly play games. This basically means running your own HFT strategy, but biased in the direction of the trade you want. You'll also opportunistically take liquidity if the fill you want is in the book.