According to zerohedge: One: HFTs have better access to the
market. They have what we call direct access, which means they don’t have to go
through a broker to execute their trades. HFTs, on the other hand, can choose
the exchange that they want to trade on. They can look at all the prices for a
given stock on all of the exchanges and make their own decision, rather than
having a broker make it for them.
Two: HFTs obviously have a major speed advantage over other
investors. They glean this advantage in many ways….
Find out the rest at : http://www.zerohedge.com/news/interview-high-frequency-trader
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