This article is pretty terrible. First it talks about high cancel rates (95-97%), as if this is somehow evidence of bad behavior. It isn&#x27;t. Matt Levine has a nice article with simple math showing that a 95% cancel rate is unavoidable.<p><a href="http:&#x2F;&#x2F;www.bloombergview.com&#x2F;articles&#x2F;2015-10-08&#x2F;why-do-high-frequency-traders-cancel-so-many-orders-" rel="nofollow">http:&#x2F;&#x2F;www.bloombergview.com&#x2F;articles&#x2F;2015-10-08&#x2F;why-do-high...</a><p>Then it talks about selling order flow to HFTs as if this somehow harms the little guy. It doesn&#x27;t - it lets HFTs offer liquidity (potentially at better prices, and never at worse prices) to the little guy that they would be too scared to offer to big guys.<p><a href="https:&#x2F;&#x2F;www.chrisstucchio.com&#x2F;blog&#x2F;2014&#x2F;fervent_defense_of_frontrunning_hfts.html" rel="nofollow">https:&#x2F;&#x2F;www.chrisstucchio.com&#x2F;blog&#x2F;2014&#x2F;fervent_defense_of_f...</a><p>Following all this FUD is a bit of shilling for IEX. Why is this nonsense here?