John At The Center

Basically what I said yesterday (flash trading):

But it is worth distinguishing between the illegal and the irritating. Frontrunning – or trading ahead of customer orders – is the former. Successfully employing the biggest nerds and the best millisecond-saving technology is not. Markets have always been skewed against retail money, whether information sloshes around an open outcry pit or a high-tech algorithm. Now, however, cheaper technology, plus the disaggregation of traditional exchanges, means HFT is exploding.

via FT.com / Lex / Macroeconomics & markets – High frequency trading.