>The original trader still has the ability to capture his information rents in a single trade on one market... That's all anyone is guaranteed Yes this is the

>The original trader still has the ability to capture his information rents in a single trade on one market... That's all anyone is guaranteed Yes this is the essence of it. Based on other posts, I would guess that if you really wanted to make simultaneous trades in multiple markets, then you could. But even if HFT really did render this impossible, it's not a bad thing, since it trading in two exchanges simultaneously actually gives more rents to the large trader than the theoretical ideal of a single continuous double auction. And if you want to trade in A then trade in B based on the results of A, then you certainly don't deserve to be the first to make it to B.