You&#x27;ve made it very clear how important it is to you that we call benign electronic trading --- and, I infer, electronic market making --- something other than &quot;HFT&quot;.<p>What you haven&#x27;t made clear is why you believe you&#x27;re actually arguing with anyone here. I am 100% certain, because I&#x27;ve had the conversation with him multiple times, that &#x27;kasey_junk agrees with you that there is such a thing as malignant electronic trading.<p>Exactly what is the controversy here? The people who are talking about HFT reducing spreads are talking about benign electronic trading, and none of them appear to be denying that there are other kinds of electronic trading.