The &quot;new&quot; part of this news, which not many have responded to here, is the notion of an HFT tax. The arguments on either side of HFT (liquidity&#x2F;spread&#x2F;etc. vs. cost&#x2F;unfairness&#x2F;etc.) have been largely unchanged for the last few years. There simply isn&#x27;t enough data made public to declare a victor.<p>As far as the tax: personally I&#x27;m very in favor of slowing down trading... unfortunately, what&#x27;s being proposed introduces as much structural game theory as it eliminates. What&#x27;s the dominant strategy for a trader faced with a rule like &quot;any trades resting for less than 300 micros get taxed&quot;? To be as fast as possible without triggering the tax; staying just above the threshold.<p>All that economic waste on low-latency tech will just be redirected to low-jitter tech. Those who can reliably land an order within +1 microsecond of the tax line will outperform those who only have an accuracy of +10.<p>I&#x27;d like to see more exchanges experimenting with things like random variance in speed bump size, frequent batch auctions, etc.