I don't know what typical HFT margins actually look like, but is there a tangible benefit to markets being 1% more efficient?
I don't know what typical HFT margins actually look like, but is there a tangible benefit to markets being 1% more efficient?
Things are a bit cheaper. It's pretty diffuse, but then so are the supposed harms they perpetrate as well. HFT is realistically a tiny part of modern finance. Huge numbers of professional traders made in total much more money doing the same job before it was automated.
If the spread is 1% smaller, then someone saves 1%. Maybe.