There is a moral distinction in "creating value" between 11 seconds and 11 minutes?
11 hrs? 11 days? 11 months?
Look some of HFT I dont like. I dont like sub pennying. I dont like quote stuffing especially.
But otherwise, HFT is going no where. It is the evolution of technology and human corruption. Deal with it or be rendered extinct.
And Cohan himself says it: If the majority of the vol nowadays is bots pinging one another and you or the retail schlep cant compete eventually they will cannibalize themselves after you. After the market is dead. But who's going to take the other side of your trade then when 70% of the vol is no more? Buffet?
There are all kinds of players playing different time frames. If you cant beat Michael Jordan at his game better not play him save in a game (or timeframe) you can win.
But Once the market has been sufficiently concussed by HFT, Then THEY will be flushed.
Because Then the toothless SEC will realize Joe Public not only is no longer willing to pony up but not as indefinitely witless as they wish. So curbs will punk the HFT crowd and the fleecing can go on with the next market maker/ exchange good ol boy pay to play game as it has for hundreds of years in the greatest game in the world.
This is new?
And remember this all took place under Chris Cox and the worthless Republicans. If you think their "free market" mantra is going to save you in 1 week, you're crazy.
This all has to play out. And it will not end well.
