Funny thing is I thought that according to this group derivatives were the spawn of the devil……oh but thats right they are only the spawn of the devil is you lose money doing it. I would guess so to is taking billions in bail out money was also pretty bad but WTF….
And for a more reasoned view
The distilled highlights –
1. HFT seems to have become part of the landscape
2. The massive profits of the early days have been arbitraged away.
3. Quants are here to stay – get used to it (thats my bit actually)