So if all this is so great, how come so many people are going to great lengths to eliminate HFT with the exception of the people that make money from it? If it was offering such a valuable service, wouldn't people want it to be there even if they weren't the ones profiting from it? Flash Boys has been panned by HFT people, not people trying to trade stock fairly.
HFT ate the lunch of the people who benefited most from the old system: giant broker-dealers (investment banks) who made grotesque fees for the simple service of shopping large blocks on behalf of pension and mutual funds. Those funds now get better service without special fee-collecting agents.
_Flash Boys_ was not just panned by HFT people. Where are you sourcing that objection from?
It sounds like you are confusing straight electronic trading with HFT. Brokers aren't necessary and neither is having someone able to execute trades with sub millisecond latency.
Also, why do you keep putting underscores around Flash Boys?
