Front-running is illegal and no more integral to automated trading than fraud is to accounting.
HFT is just rapid trading. Think of trading as communication. Just as better communication allows a group of people to arrive at a more accurate consensus, faster trading allows markets to arrive at better prices. Sure, there are criminals that also profit from better communication until they are caught, but that doesn't mean we should all go back to using the pony express.
Flash Boys presented a highly-skewed view of automated trading. For a balanced perspective, I think readers of the book should also read reviews by those who are in the business of trading.
HFT is just rapid trading. Think of trading as communication. Just as better communication allows a group of people to arrive at a more accurate consensus, faster trading allows markets to arrive at better prices. Sure, there are criminals that also profit from better communication until they are caught, but that doesn't mean we should all go back to using the pony express.
Flash Boys presented a highly-skewed view of automated trading. For a balanced perspective, I think readers of the book should also read reviews by those who are in the business of trading.