This is the second sentence : So why should society infrastructure be modified to suit them (exclusive order types on exchanges regulated of necessity) ?
And it not only answers your question that you ask as a reply to it, but makes it unnecessary. I DO NOT think everything should benefit society, I never said so. But if society adapts for individuals, individuals better provide a much bigger benefit to society in return. I don't have patience for people who write more and read less, and I am not even sorry about it.
You don't even know how much they earned, so how can you really comment on it? Virtu Financial recently filed an S-1 to go public: https://www.sec.gov/Archives/e... Total revenue: $664 million. Net revenue: $182 million. Not bad, but not exactly killing it either.
I happen to know that zero multiplied with any possible profit is zero. Society benefits ZERO by people being just a bit faster than competition and cornering a market. Hence the remark of "proportion".
What are you talking about with "society infrastructure", and particularly "exchanges regulated of necessity?" What does that even mean? Did you know that NYSE, amongst many other liquidity venues, is now a publicly traded company? The exchanges have provided these order types of their own volition, this isn't an "HFT" problem, its an exchange problem if anything- they are trying to attract the HFT flow to their exchanges!
This is exactly part of what I am saying. The other part is - regulated of necessity. If NYSE in its own greed kills investor trust - NYSE also loses. Yes financial industry in the US has enough short term greed and there is not much competition from less greedy financial players currently. But it is for the good of stock exchanges themselves that there be a semblance of trustworthiness.
As for whether this new technology is benefitting anyone, I would argue this is just a luddite argument that has been made many times before whenever there has been a disruptive new technology
This is idiotic. I don't see any clarification or examples, and this is an enormous statement. Rest seems to be based on this idiotic assumption. By needing to ask "why should everything benefit society", when I didn't even say so, you have yourself admitted HFT doesn't benefit society. Disruptive new technology rarely ends up being so useless for society in general.
I am not spouting off anything- I spent the last ten years building this stuff on both the HFT and Agency side. You read a few articles, and maybe the entire Flash Boys book? Good for you. I am trying to give you the rest of the story.
And you haven't read my post so you didn't understand that I know what you are trying to tell; but you are wrong in some places which I corrected.