On: SEC approves Texas Stock Exchange, first new US integrated exchange in decades

[bawolff]

The fact that people make money off of HFT by definition means that the market conditions have changed in those time frames.

[UltraSane → bawolff]

No, it is proof that they are parasitically extracting money via non-productive strategies like latency arbitrage and order front-running.

[jpfromlondon → UltraSane]

Liquidity provision is valuable though, and it's not really parasitic to exploit inefficiencies, it's not even that profitable a strategy today.

[UltraSane → jpfromlondon]

It isn't nearly valuable enough to compensate for the wealth HFT extracts from the market.

[bawolff → UltraSane]

Which is changing market conditions.