Timekeeping in Financial Exchanges
I have a different question about timing on stock exchanges.  What social good is being served by the ability to trade at microsecond frequency?  Are individual investors or non-HFT participants being &quot;fleeced&quot; in every transaction by those who are able to take advantage of timing?<p>If this is a problem, I had this notion that stock markets (or the clearinghouses or whoever responsible) should slow down the allowed frequency to aggregate all trades within, say, 1 second, and do the clearing&#x2F;price setting at that frequency.  Surely being able to trade at the speed of 1 second is not a big loss of utility -- for the &quot;legitimate&quot; trading going on.<p>Can&#x27;t we stop this timing arms race?  Or is the problem I&#x27;m thinking of not actually a concern?   Are millions of us paying half a cent to these HFT trading firms&#x27; profits with every trade, just like the old notion of shaving a half a cent interest off of everyone&#x27;s bank accounts to make some clever criminal rich?