I won&#x27;t speak for him, but I think I can sum up a position that he would agree with very simply:<p>HFT has made trading cheaper for the vast majority of market participants.  It has done this at the expense of the previous regime that was less efficient and more squalid.<p>Further, don&#x27;t take my (or his) word for it.  Listen to Vanguard which has a sterling reputation for caring for the interests of their clients who tend to be long term, small scale, investors and large pension&#x2F;retirement funds.<p><a href="http:&#x2F;&#x2F;www.cnbc.com&#x2F;2014&#x2F;04&#x2F;25&#x2F;vanguard-chief-defends-high-frequency-trading-firms.html" rel="nofollow">http:&#x2F;&#x2F;www.cnbc.com&#x2F;2014&#x2F;04&#x2F;25&#x2F;vanguard-chief-defends-high-f...</a>