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Anon1096today at 5:56 AM1 replyview on HN

The millisecond-term zero sum game is part of what allows for a positive sum long term. For example, zero fee trading was pioneered by Robinhood and only possible because of payment for order flow, and as a result it's virtually unheard of now for retail to be paying per transaction. Now more retail investors can participate and everyone benefits. You can also point to lower spreads and faster execution as direct benefits.


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ralph84today at 6:15 AM

Or you could just hold auctions a few times per day and eliminate the billions of dollars spent trying to win a pointless race.

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