HFT at the extremes doesn't just create no economic value, it actually extracts value from all other participants. Frequent batch auctions are one possible sol

HFT at the extremes doesn't just create no economic value, it actually extracts value from all other participants. Frequent batch auctions are one possible solution to this problem[0] that I see as quite promising. The problem of couse is that exchanges profit from the HFT extraction via fees and the prestige generated by reporting higher trading volume. Any real solution needs to solve both the micro-structure and the macro-structure of markets and make exchanges a publicly or collectively owned (or at least incentivised) utility. [0] https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2388265 https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2388265