Ann: Becoming a substantial holder - Form 603 , page-11

mcillree,

In the quant/HFT category I would propose there are some sub-categories:

- HFT (fast and predatory)
- Buy-side execution algorithms (liquidity generating)
- Market Makers (liquidity generating)

It's important to distinguish these, as all of these are (along with everyone else) prey for HFT. Only a small amount of automated algorithms are HFT.

You might be interested in TimeMatch (see blog) which proposes matching rule changes that remove the advantage of speed over those who aren't in the race to zero.

Regards, Fil.