What a great debate on CNBC regarding this topic. Funny how all the market makers were in favor of the guest arguing against HFT. Personally I don't have all the information to decide on one way or another. One possible solution, have a separate exchange that is completely open for HFT and have the other exchange, the NYSE not allow HFT. I just want the best bid and offer price that is the current price at the very moment that is quoted on the exchange. I don't want my trades to be executed by a third party, a market maker, or be pooled by a company that matches your trades in house and thus lose valuable time and price. I want the best technology available to display trades as is and place my trades as quickly as possible to the quotes that is shown on my stock quote screen. I guess companies would have to decide on why would they want to be traded on the HFT exchange over the NYSE. Transparency and cost. The bid and offer would be very tight and lower cost since you don't have to pay any humans to be the market maker.