Before revision: High frequency trading has been characterized as an arms race with 'Red Queen' characteristics Farmer,2012 . It is improbable, even impossible, that many market participants can sustain a competitive advantage through the sole reliance on low latency trade execution systems.
After revision:  Farmer,2012 . It is improbable, even impossible, that many market participants can sustain a competitive advantage through the sole reliance on low latency trade execution systems.