Their own.

Editor,

So the bottom line is that "innovations" like HFT and competing markets were implemented and exist to serve the needs of traders who "expect to be able to get in and out of positions within a second."

This, like the toxic excesses of the derivatives markets, is another example of an infrastructure whose function is supposed to support investment having been perverted to facilitate gambling.

The overarching question is whose interests are banks supposed to represent?

Anyone who has not been asleep under a rock for the last 35 years knows the answer to that question and that a small coterie have captured the mechanics of national and international finance to nobody's advantage but their own.

Re: "In Markets’ Tuned-Up Machinery, Stubborn Ghosts Remain" (8/22/2013)