Definitions, Market Structure Dominate HFT Debate at BST North America


The debate, with Allston Trading's Raj Mahajan and Nobilis Capital's Chris Bartlett defending HFT practices, and Josh Levy of Tactical Asset Management arguing the reverse, stemmed primarily from two issues.

The first was around agreeing on a precise definition of "frontrunning," and whether under that definition, the practice should be seen as predatory or even illegal. "To me, any order that's being made simply to take advantage of another order that you know is taking place—that's frontrunnin