HFT on average narrows the bid offer. Retail (i.e. small) investors benefit. Human market makers lose out. Without HFT your little old lady retirement angel would be paying much more to a rapacious human market maker.<p>The point is that it is not the end users who are getting hurt. It&#x27;s the old monopoly - the human market makers.<p>DISCLAIMER: I (was) a HUMAN market maker.