I commend Chicago Booth and the Intellectual Capital department for the recent panel discussion about high-frequency trading ("Is high-frequency trading good for financial markets?" Winter 2013/14). I particularly appreciated this panel because the panelists engaged in a smart, respectful discussion about a subject that all too often elicits hysterical, angry, and counterproductive debate. As someone who works in the HFT industry, I appreciate all efforts to remove emotion and hyperbole from a highly charged debate.
It is hard to say what needs to be done to address the "problem" of high frequency, particularly when there is no consensus as to what the problem is or even, for that matter, what high frequency is. Only through informed dialogue can market participants, academics, and regulators agree to substantive changes that will allow the market to function as a source of liquidity and stability for investors and traders throughout the world.