Nice intro, though I think you can take it further.
One addition I'd be interested to see is how do modern markets with HFT compare to markets 20 years ago, or whenever the pre-HFT era was.
How does the liquidity of each, and more importantly the cost of liquidity of each, compare? Was lack of liquidity really a problem in the pre-HFT era?
One addition I'd be interested to see is how do modern markets with HFT compare to markets 20 years ago, or whenever the pre-HFT era was.
How does the liquidity of each, and more importantly the cost of liquidity of each, compare? Was lack of liquidity really a problem in the pre-HFT era?