Yeah it's clear that centralized markets would hurt HFT and benefit most institutional and retail investors. Citadel and the like have strong incentives to resi

Yeah it's clear that centralized markets would hurt HFT and benefit most institutional and retail investors. Citadel and the like have strong incentives to resist any consolidation in the market place. After all, the market makers and latency arb guys are the ones bearing that multiple exchange risk (and thus are compensated for it), not the buyside investor.