Our industry needs traders. They provide liquidity which, in theory, leads to less volatile markets. They keep markets honest by acting on price irregularities, ferreting out overlooked information, and facilitating the expression of opinion. Traders enable prices to respond to information fast. They encourage innovation in exchange technology and asset sophistication, which makes the market more robust. They act on information that is not valuable to a longer-term investor but which adds greater depth to the messaging inherent in prices.
