It&#x27;s worth remembering that HFTs like yourself define front-running differently than others.<p>Others often (rightfully) feel that HFTs who engage in latency arbitrage where they take advantage that everyone else is using the NBBO (because they have to), and the NBBO is lagged, are front-running assholes who extract value without creating anything.<p>And we refer to that thieving, predatory, value-stealing activity as &#x27;front-running&#x27;, even though technically you&#x27;re engaging in a slightly different activity.