If that&#x27;s true, why doesn&#x27;t Vanguard agree with you? They&#x27;ve said publicly more than once that they are benefiting from HFT activity.<p>I&#x27;m a little concerned that we&#x27;re not talking about the same thing, by the way. Should retail traders care about modern spreads? No. Modern spreads are tiny. But before electronic trading pushed out the crooked human market makers, they were not.