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I think there is some impact, for finding the correct price of things.


That impact is not made by HFT - finding the right risk premia for different investments is very valuable but that is a signal measured over days/weeks/months because actual capital investment decisions take that long.

Intraday financial games are zero-sum. What HFTs gain, they leech away from mutual funds and pension funds and retail investors and market makers who operate over a longer horizon.




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