You are obfuscating and you know it.<p>&gt;&quot;ambushing market makers on multiple exchanges, could in fact force market makers to offer much less liquidity&quot;<p>The article (as well as your first paragraphs) demonstrate that this &quot;liquidity&quot; isn&#x27;t real in the first place, and gets withdrawn if anyone tries to trade on it. So if the HFT are not offering it, nothing of value was lost!
(Indeed it is better from a macroeconomic and social standpoint, since the wasted brainpower of HFT quants goes to some other economically useful endeavour.)<p>&gt; So what you do is post your bids and your offers for your full amount on each exchange<p>No, financial markets order books don&#x27;t work like this. High-latency markets where your counterparty is a spiv who goes back on their word work like that (OTC securities, real estate or indeed dealing with people at Indian fish markets). But in an order book, orders are supposed to be firm and executable. If they aren&#x27;t, the market is rigged. As it very clearly is.