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To: axial who wrote (34738)	8/2/2010 12:35:03 AM
From: Win-Lose-Draw	Read Replies (2) \| Respond to of 46821

HFT isn't trading; it's a tax on trading. In a way, I agree with this, in the same way that nickel-spreads were a tax on trading. And IMO the HFT explosion is a direct result of getting rid of that spread and moving to penny-spreads. In practice, for "normal" traders, the practical spread is roughly 2.5 cents. So what HFT is telling us is that the market doesn't actually function better with penny spreads. It will be interesting to look back on this 2 years from now and see how the situation has evolved.