I can see an obvious cost to X, after many years no-one has produced any evidence of value to X, therefore X should be abolished, if it can be done at reasonable cost.
Investors providing capital should not care what time of day their trade goes through because it will settle at the same time anyway. So this 'liquidity' is worthless.
The purpose of shares is to raise capital for productive investment, in return for income to long term investors who provide the capital.
Both non-computerized traders, and computerized HFC traders have an obvious cost, they extract return from the markets that would otherwise go to investors. This reduces the returns for investors.
What if we create an exchange where market participants submit orders which are crossed once a day? You establish a fair matching system and clearing price algorithm. In that environment there is less money going to minute traders and so there would be better returns for investors.
Investors providing capital should not care what time of day their trade goes through because it will settle at the same time anyway. So this 'liquidity' is worthless.
The purpose of shares is to raise capital for productive investment, in return for income to long term investors who provide the capital.
Both non-computerized traders, and computerized HFC traders have an obvious cost, they extract return from the markets that would otherwise go to investors. This reduces the returns for investors.
What if we create an exchange where market participants submit orders which are crossed once a day? You establish a fair matching system and clearing price algorithm. In that environment there is less money going to minute traders and so there would be better returns for investors.