High frequency traders use of computers to place thousands of often fake orders for stocks in seconds. It now accounts for half of all stock trades and has greatly exaggerated volatility in the stock market
High frequency trading is pure greed with no redeeming social value. The hedge funds doing it claim using more sophisticated technology to trade stocks is just the latest means of gaining competitive advantage. In actuality it is an epic abuse that costs average investors tens of billions a year and makes people afraid to invest at a time when companies need more investment to fund expansion and job creation.
High frequency trading should be illegal, just like insider trading, because it serves no useful purpose in supporting investment in America and causes harm to millions