On the 3rd of March, I had written a blog post ‘Towers of Meaninglessness’. See here. I was happy to find my old ‘colleague’ (we were not exactly colleagues but we were in different businesses of Credit Suisse) Douglas Cliggott making an insighful observation that High-Frequency/Algorithmic Trading is a form of transaction tax levied by those with faster machines and servers on those who have slower equipment. Thus, he makes the case for claiming and levying this ‘tax’, rather than it being appropriated by private market participants. A very fair case.
Douglas Cliggott is currently a lecturer at the University of Massachusetts in Amherst – my alma mater!