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Notes -
This is a very accurate description. I had long conversations with finance people before (including the engineers of the company I am about to join) and this is exactly their point of view. Nothing about accurate pricing etc. They see each market as rent producing asset which you capture by being smarter and writing better and faster algorithms. Then you take these rents and attack your rivals sitting on top of other rent seeking mountains. You practically have to because otherwise they will have too many rent sources and come dominate you. It is not very different to feudal competition.
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