

A High Frequency Trader's Apologia, Part 2 - HockeyPlayer
http://www.chrisstucchio.com/blog/2012/hft_apology_2.html

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SkyMarshal
Nice intro, though I think you can take it further.

One addition I'd be interested to see is how do modern markets with HFT
compare to markets 20 years ago, or whenever the pre-HFT era was.

How does the liquidity of each, and more importantly the cost of liquidity of
each, compare? Was lack of liquidity really a problem in the pre-HFT era?

