Do you think that pre-HFT trading practices are transparent and easily understood, and that they're under a proper amount of scrutiny? Are large banks trading a

Do you think that pre-HFT trading practices are transparent and easily understood, and that they're under a proper amount of scrutiny? Are large banks trading at lower frequencies less shadow governmenty? I posit they are not, and I don't understand why the speed of the transactions would be dispositive. (I'm told by knowledgeable people that there are indeed some shady things that happen in HFT, such as quote stuffing, that ought to be fixed, which makes sense. But I don't think that brings us anywhere near "shadow government", nor does it seem like a damning problem for HFT as a concept.)