Getco cuts staff with trading volumes thin [Financial Times] http://www.ft.com/intl/cms/s/0/b6bf723e-b5a9-11e1-ab92-00144feabdc0.html The HFT world does seem to be shrinking, with staff cuts, firms putting themselves up for sale, etc. It's not just declining volumes -- it's also shrinking spreads, competition, etc. -- secular changes in market microstructure that should ultimately benefit longer-term investors, provided liquidity is available after all is said and done, of course. That said, brokers/PFOF partners trading against their retail clients (through internalization or PFOF deals) are probably doing OK as they have a captive audience -- unfortunately -- to the detriment of their clients, not to mention the market as a whole. But that's one for the SEC to fix -- if they can ever overcome the resistance.