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The other thing that has been misleading with the whole "HFT as market manipulator" line of thinking is that it is really expensive. HFT by and large are liquidity providers and if all that volume went to liquidity taking (which is required for really serious manipulation) all the profits would turn to losses.
That's conflating two strategies. Market making is market making. Liquidity taking is used for other purposes like momentum acceleration, news arbitrage, accumulate and dump, etc. The term HFT is misused sometimes to denote single strategy when it's really a group of different strategies -- market making being just one of them