[deltateam]

"goodput"

-you pay less for an order -it takes less time for your order to get filled -more efficient pricing -liquidity ripples out into risk management products derived from thick order books -easier to manage risk -lower cost of transaction

"badput"

-hard to compete against the liquidity providers -they have unparalleled view of order flow, which runs counter to a market with fair equal access to information

[Dylan16807]

You forgot to mention the part where they're getting paid to provide this liquidity.

So prices are some pennies more efficient, but some of the trading money is going to the pockets of high frequency traders.

This is good! To a point. Eventually the price tag of improved liquidity could be higher than the value of that liquidity.