David Lauer, a co-founder of the Healthy Markets Association — an advocacy group that has been critical of high-frequency traders — said that while the automation and race for speed in the stock market had generally been a good thing for ordinary investors, it had turned into an arms race with little societal benefit.
But if the pendulum has swung too far in the stock market, Mr. Lauer said, “the pendulum hasn’t even begun swinging in other markets.”
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