The very first assertion in the article is &quot;AMERICA’S equity markets are broken.&quot;<p>Do you think that&#x27;s false?
I trade the &quot;markets&quot; every day and I think they are almost completely broken.
If HFTs supply liquidity, what do you think happened during the flash crashes of recent history?<p>Hint: they stopped supplying liquidity. That&#x27;s why Virtu can make 2 years of trades with only one negative day - a feat that is almost impossible without the front-running advantage that they have.