I'm fine with and agree with that, but my fear is that the transition of the exchanges to public companies (which in turn drove the embracing of HFT) and proliferation of HFT is skewing the market one way or the other.
When you have an environment when 45% of the trading activity for a heavily traded stock is obscured for many years, I don't have the ability as a layman to figure out what that means to me and the pricing of the equity.
Many folks would respond "than you shouldn't be investing in individual stocks", but still, if I'm investing in large-cap ETFs, I own plenty of Apple shares as well as other companies that may be affected by this information asymmetry.
When you have an environment when 45% of the trading activity for a heavily traded stock is obscured for many years
I'm not sure what you mean by "trading activity," but this article says 45% of the trades, _not_ 45% of the volume. We don't know what fraction of volume because the author doesn't bother to tell us. That's why the article is crap. It makes a bunch of extremely contentious claims and doesn't answer any of the important questions.
When you have an environment when 45% of the trading activity for a heavily traded stock is obscured for many years, I don't have the ability as a layman to figure out what that means to me and the pricing of the equity.
Many folks would respond "than you shouldn't be investing in individual stocks", but still, if I'm investing in large-cap ETFs, I own plenty of Apple shares as well as other companies that may be affected by this information asymmetry.