For further reading, here is a survey of different professors and practitioners in the field, and their take on questions related to the market impact of HFT. I

For further reading, here is a survey of different professors and practitioners in the field, and their take on questions related to the market impact of HFT. It's a very thorough discussion: http://www.conatum.com/presscites/HFTMMI.pdf http://www.conatum.com/presscites/HFTMMI.pdf