nothing much really needs to done Max.
Leave things as they are. I am for laissez-faire markets.
Regulators are not smart enough, they are low pasid buireaucrats or over-paid clerks.
The simple solution is always the best, Don't ban or hinder.
...now...what should anyone pay for placing a trade?
Simple formula:
Brokers average daily trade revenue
divided by total trades
equals cost per trade
for everyone.
The exchanges can apply the same costs to sall trades through their server.
If bots = 60% of the trades on a day, then they pay 60% of the days costs.
FInally everyone benefits from the reduced transaction costs, Brokers are still more expensive then HFT but they can argue they offer more to customers, especially smaller ones.
It is always surprising observation about in life how ones perceptions change when you have to pay the full amount, work the full day, pay for what you consume, pay for the advice, pay for the internet content, pay for the music, pay to view and pay tax.
HFT paying seems like a good idea to me. Going straight for the jugular (which happens to be located 1 nanosecond away from their hip pocket nerve).
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