Does a stock market have any value to society in general?
If so, should there just be one stock market in the whole world, listing a small set of uncorrelated instruments, or is some level of competition/ variety healthy?
We haven't found any way to have those things without either HFT or something more expensive.
It's consistent and reasonable to take some kind of fringe anti-capitalist position and answer no on one of the first two questions, but if you answer yes, you end up with HFT providing value.
If so, should there just be one stock market in the whole world, listing a small set of uncorrelated instruments, or is some level of competition/ variety healthy?
We haven't found any way to have those things without either HFT or something more expensive.
It's consistent and reasonable to take some kind of fringe anti-capitalist position and answer no on one of the first two questions, but if you answer yes, you end up with HFT providing value.