We&#x27;re getting off track.  The point is that the value of HFT is disputed.  You claimed HFT reduced buy&#x2F;sell spreads by a factor of 10, which is obviously false once one distinguishes HFT and Electronic Trading in general.  If you&#x27;re unwilling to do anything but deny the difference between HFT and Electronic Trading there&#x27;s no point in having a discussion about HFT&#x27;s benefits.