&gt;The behaviors that we want in our markets, price discovery, liquidity, easy risk management<p>None of which we get from HFT.<p>HFT cannibalizes the research done by value investors (oh, but it&#x27;s not legally front running if they&#x27;re not your customer!), rendering <i>that</i> a market for lemons, so there goes price discovery.<p>HFT floods the market with more liquidity than it needs during normal periods (there is no benefit to you being able to trade at split second intervals. nada. none) and then extracts it all during periods of market distress when liquidity would acually be useful.<p>And risk management? Please. They&#x27;re only managing their own risks.