To come at this from a slightly different angle.. any situation in which an agent gains wealth without creating wealth is at the expense of the market.
Two questions, first are HFT's creating wealth? second, are HFT's gaining wealth at the expense of the investors or the producers?
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To come at this from a slightly different angle.. any situation in which an agent gains wealth without creating wealth is at the expense of the market.
Two questions, first are HFT's creating wealth? second, are HFT's gaining wealth at the expense of the investors or the producers?
Any agent who gains wealth has taken a risk (of loss) that someone else has not.