Expert: HFT Has Gamed the System - There's No Room for Human Traders Anymore

``.. the regulators have become convinced by the HFT firms and their lobby that the markets are so much better than they were and one thing you alluded to in an earlier question is the conflation of volume and liquidity. It's a very nuanced point but one that seems to be missed by many people, especially looking at these issues, is that volume is not equal to liquidity''