Prop trading: race for speedST
Based on talking to people at numerous prop trading firms, it seems like every shop is trying to compete in the same game: ultra high-freqency market making. There is almost no discretionary trading or alpha research of any sort. Even "traditional" firms are beefing up their technological capacities in order to reduce their latency and get in on the speed game.
Is there any room for actual traders anymore, or is this what prop trading will look like indefinitely?