Living in Interesting Times

These liquidity-hunting algorithms will continue to multiply and grow in sophistication, but it's doubtful that the next generation of algorithms-those for high-frequency trading-will gain the same footprint in the near future. They've already established a firm toehold in the order-driven markets, where all you need to do is hit the price to make a trade, but in the fragmented quote-driven markets, high-frequency trading algorithms must take a different evolutionary path from their cash equity