Fragmented exchanges are better for everyone except for high frequency traders. Then they actually have to do low latency arbitration to make money instead of full on front running like they do now.<p>Arbitration between physical locations is something that can&#x27;t be helped.  The other things ways that high frequency traders make money can be helped by better systems, but there are no incentives to make those systems when exchanges make so much of their money from high frequency traders themselves.