High frequency trading quotes of the day

People should expect and be willing to pay a price for the liquidity that they get. No one should expect that a provider of liquidity is just going to stand there while you bulldoze them into submission.--Manoj Narang

If you were on Wall Street in the 1990s ... you would need to take guys out to dinner and build relationships, otherwise you couldn't get at the order flow. And now, if you're good ... there's no barrier to entry. That is a really incredible improvement to the Wall Street environment. That's how we want markets to work.--Cameron Smith

A misunderstood dynamic of high-frequency trading is that it thrives off volatility, thereby reducing it. The clear winners in the revolution are small investors, who have seen their trading costs fall remarkably and markets price shares far more efficiently.--Herbert Lash and Jonathan Spicer

Once you're successful, once you have a system that's making money, you become very secretive because it's very easy for one of your guys to leave and replicate it. What are the exact ingredients and proportions of Coca-Cola? Is there something wrong going on at Coca-Cola? That's the point. It's replication, ease of replication. The barriers to entry, to competing, are not too high.--Robert Olman

Here are some of my musings on HFT, from July and October.