> The “or better” is doing a lot of the heavy lifting here. I disagree, I think I could have skipped the "or better" without making a substantive change to my

> The “or better” is doing a lot of the heavy lifting here. I disagree, I think I could have skipped the "or better" without making a substantive change to my point. Is your argument that the presence of HFT participants (or really electronic market makers) leads to reduced price improvement for other participants?