Sat, 1 Dec 2012, 10:12am PST
Yeah the way it stands it's bs. They could have though a very small fractional transaction tax so that HFT pay their share instead of illegally front-running the rest. Also every bid and ask has to stand long enough so that a non-HFT algo or human can act on it.
I am still against any form of transaction tax.
However, making every bid and ask stand for at least 1 second can make the market better over time.
But HFT is not sustainable anyway. The algorithms may collapse on its own. Perhaps nothing needs to be done. The only worrisome thing is the potential bailout by the taxpayers...