Bollocks. Given fund managers are obligated to obtain "best execution" under MiFID (and regulations in general) if HFT were impacting that then they would raise

Bollocks. Given fund managers are obligated to obtain "best execution" under MiFID (and regulations in general) if HFT were impacting that then they would raise merry hell. The fund management industry is orders of magnitude larger and more influential than all HFTs.