Ari Burstein, senior counsel in the securities regulation/capital markets group at Investment Company Institute, an advocacy group for the buy side, explains the sector's concerns about high-frequency trading. "We have nothing against high-frequency traders, per se," Burstein said. "We are concerned about some of the practices associated with high-frequency traders or proliferated by high-frequency traders. Specifically, these are canceled orders and liquidity rebates, as well as the value of the liquidity they provide."

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