That impact is not made by HFT - finding the right risk premia for different investments is very valuable but that is a signal measured over days/weeks/months because actual capital investment decisions take that long.
Intraday financial games are zero-sum. What HFTs gain, they leech away from mutual funds and pension funds and retail investors and market makers who operate over a longer horizon.
Intraday financial games are zero-sum. What HFTs gain, they leech away from mutual funds and pension funds and retail investors and market makers who operate over a longer horizon.