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High-frequency traders continue to have a firm grip on the futures and options market, with every indication of them doubling down on their manipulation strategies.

The warning below would be familiar to anyone with a trading account.

It appears each time you log in. Most investors mechanically hit “I acknowledge” without much thought.
The message has been around since mid-2023 and with it, the Securities and Exchange Board of India seems to be warning anyone considering trading in futures and options—a caveat emptor of sorts, highlighting the high base rate of failure in the equity F&O segment. What it doesn’t do is explain why this is so. And no, it isn’t because retail F&O investors are an inept lot. As it turns out, the zero-sum …