HFT Is Illegal Hacking

Zero hedge notes that HFT is largely a DDoS (Distributed Denial of Service) hacking attack on the users of electronic exchanges. As I have pointed out on numerous occasions, this is just as legal and ethical as breaking in to a retailer’s computer and stealing credit card numbers. But somehow the SEC can’t figure this out – or is too busy watching porn to pay attention. Or more likely staffers are waiting to be hired by HFT firms at enormous salaries to advise the SEC about the benefits of HFT.

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