I completely agree that liquidity is first and foremost, and that in today&#x27;s market structure HFT drives a lot of it. Retail enjoys a lot of the benefit, because trades in the $1,000s - $100,000s range probably aren&#x27;t enough to slip the market. But is ultra-low-latency the ONLY way to bring about that liquidity? I have yet to come across any economic or technical reason why that has to be the case.<p>Also, slowing down trading doesn&#x27;t mean eliminating HFT, it&#x27;s a matter of what constitutes &quot;high&quot; frequency... I&#x27;d argue we&#x27;re well past the point where incremental increases in speed result in equal gains in liquidity. And those increments now cost more than ever before.