Fill_Or_Kill
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and blame this on the rise of the machines, algos and "location" read ping time right?
Depends on your interpretation. You had a lot of people making a lot of money who had no real intelligent edge - the CME pit was a license to frontrun in its heyday and some of the old guys you meet from those days are about as unqualified as it comes. They eventually got shut down by smarter greedier people. I guess it's a pure form of merit based capitalism, and that can be ugly, devious etc.
Markets were seen as gambling... something unworthy of so called "decent" people for many years. They still are in many parts of Asia. Now going the Oxbridge quant PhD route is considered a high career.