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They are market makers not those battling the swings at the micro second scale. Yaron Minsky replied this in some random video I saw a random night, though I cannot recall which.

So their edge isn’t based on speed. They gain more from correctness and ability to express these ideas.

Market makers are incredibly exposed to ms scale swings since they're warehousing a lot more risk than a HFT firm.

i don’t doubt it. But that’s what he said. Very few people alive in this specific field with this much domain knowledge. Are you his peer in this respect ?

You assume he’s telling the truth. Why would he make the truth public knowledge? It can do nothing but hurt.

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