"high frequency traders are "parasites", page-8

excellent article by Alan Kohler on derivates but equally applicable to HFT.

http://www.businessspectator.com.au/bs.nsf/Article/derivatives-Funke-Kupper-ASX-Credit-default-swaps--pd20120822-XDT8C?OpenDocument&src=sph

extracts:

Almost all financial derivatives trading adds nothing but risk to the world and should be banned. It won’t be, but that doesn’t mean the debate is academic.

Let’s be clear: basically we’re talking about a casino where the gamblers are banks. And banks aren’t just any old punters: they also take deposits and lend money, underpinning the financial system on which society rests.