Well this article says at the top &quot;In simple terms, electronic trading brought down costs, while High Frequency Trading brought down ethics.&quot;<p>...but it doesn&#x27;t really go on to explain that. It&#x27;s just a fairly dry bullet pointed definition of different types of High Frequency Trading.<p>It&#x27;s a shame it doesn&#x27;t explain, because high frequency trading <i>is</i> evil, and a really depressing waste of talent.