You should read the article to see <i>which</i> symbol actually displays the effects of HFT shenanigans by end of day. (Hint: it starts with K, and it deserved everything it got.)<p>To see how cheaper liquidity directly enables speculators, read the section &quot;Why Speculators Need Liquidity&quot; in this post: <a href="https:&#x2F;&#x2F;www.chrisstucchio.com&#x2F;blog&#x2F;2012&#x2F;hft_apology2.html" rel="nofollow">https:&#x2F;&#x2F;www.chrisstucchio.com&#x2F;blog&#x2F;2012&#x2F;hft_apology2.html</a> An example is worked out in detail illustrating the point.<p>Also, HFTs are extracting far less money than the humans they replace. So if extracting money is what you want to prevent, congrats.