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Re:Timekeeping in Financial Exchanges by buck4roo on Sunday October 11, 2020 @02:38PM (#24747979)
Long before HFT firms, we had Market Makers -- they were often a separate department of the brokerage firm you were already using.

Therefore, Markets don't need HFT firms to provide this service, they simply coopted a friendly-sounding rationale in an attempt to dismiss skeptics.

Re:Timekeeping in Financial Exchanges by pgwhalen on Sunday October 11, 2020 @03:43PM (#24748470)
"Market maker" refers to a "role" in a market. HFT is simply one way that role is fulfilled, in some markets (equities, futures, ...) but perhaps not others (corporate bonds, MBS, ...). No market needs HFTs to provide the service, but they exist because in those markets they provide a monumentally better (cheaper) service than their predecessors.
Re:Timekeeping in Financial Exchanges by rcxdude on Sunday October 11, 2020 @04:04PM (#24748640)
You don't need HFT, but those market makers lost to HFT on price. HFT is far far cheaper than the old market makers.
Re:Timekeeping in Financial Exchanges by rblatz on Sunday October 11, 2020 @03:39PM (#24748436)
And we all benefit through lower bid/ask spreads