In defending his position, Mr. Schwartz said: "These high frequency traders begin the day owning nothing and they end the day owning nothing in terms of common stocks. But during the day they're accounting for between 50 percent and 65 percent of the volume." The liquidity that is added to the market is "useless," with "no lasting value," he added. "It consists of orders that are placed and that are quickly retracted. It heavily, heavily consists of front-running. Full story
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Singapore Exchange to Offer World’s Fastest Trading To Attract High-Frequency Traders - BusinessWeek
