The problem isn't HFT per se it's adverse selection. Large trades are more likely to happen if the exchange discriminates in who participates in the exchange, n

The problem isn't HFT per se it's adverse selection. Large trades are more likely to happen if the exchange discriminates in who participates in the exchange, not how they participate. Regulation NMS destroyed upstairs trading in the US and is effectively making such discrimination illegal/impossible unless you operate a dark pool which cannot openly show prices.