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by davidw 5365 days ago
So small investors did significantly worse in the market prior to the advent of HFT? That should be easy to test.
1 comments

yes because spreads were wider and stock trading was routed to specialists on NYSE who could "jump the queue" and peek ahead at who they wanted or did not want to trade with. Also stock commissions were a lot higher in those days. Also, it was unfair because to have "fast access" required presence on the exchange floor which is much harder than putting a computer in the colocation facility