YodaI tried but failed to understand how a fractional cent or percent tariff/tax/fee applied to every trade is going to make it impossible for the algorithmic trading to continue. It WILL make certain algorithms unprofitable, and the class of algorithms it "breaks" seems to me to be the ones we'd want broken. This is not about going "back to humans" in the exchanges. I have nothing against algorithms. It is merely a matter of bringing speed-of-light arbitrage back under control and the reasons for trading back into the realm of economics, rather than electronic delays and advantages. Impedance. ciaoBJ
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