High-frequency trading: An unfair edge or just more liquidity?

High-frequency traders and their supporters say these firms provide a new source of liquidity to equities markets. Detractors say they are little more than parasites.


By Irwin Speizer


They like to call themselves the new market makers: high-frequency trading firms that easily notch thousands of trades a day using sophisticated hardware and software to analyze and execute in milliseconds.

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