Freeing the markets from HFT claws

Weighing in on the high-frequency trading debate, Joseph Stiglitz has reminded us that markets exist to provide a fundamental social purpose rather than to deliver profits for short-term traders.

High-frequency traders would be feeling rather paranoid in the wake of Michael Lewis’ highly-publicised attack on their sector in his new book, Flash Boys. After a speech by Nobel laureate and Columbia University professor Joseph Stiglitz this week, they’d realise that it isn’t just Lewis who’s out to get them.

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