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The Journal reported that the HFT strategists, Kevin Madden and Erik Smith, submitted paperwork to found a group called the Modern Markets Initiative, with headquarters in Washington, D.C. Backed by four high-speed firms-Global Trading Systems, Tower Research Capital, Hudson River Trading of New York and Quantlab Financial of Houston-the new group unveiled a website Tuesday, January 7 that included a video arguing that HFTs have made the financial markets cheaper and faster for investors.