Not true at all. Besides there aren't really any more pit traders around. It is the brokerage companies that have trading wings (Goldman, IB, Knight, etc...) or relationships with trading companies (Etrade with Citidel for instance) or the companies that operate dark pools (such as Knight and Getco) that are abusing current market structure loopholes, allowing them to effectively front run your orders. They are not front-running as it is currently legally defined though--which is the problem. Internalization and weak regnms rules also allow these same companies to steal liquidity from the marketplace by sub penny-ing your limit order. This allows them to coat-tail the price discovery of the displayed market, internalize the liquidity they want, and use the market displayed order as a backstop to any potential losses. None of this should be allowed.
Hey , if we don't let these guys cheat, lie , steal, and pillage, how are they going to make a decent profit?
Looks to be in the beginning stages of a wave A of a ABC correction so I'd wait a little for more upside before adding to any shorts.
That depends on which type of HFT you are running, right? And if you operate in NYC and mainly thru NYSE, then depending on your strategies, you probably don't need colocation...