From this perspective, regulatory bias is a natural human manifestation of the current institutional structure of financial regulation in which the financial services industry enjoys a decisive home-field advantage.

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From a market structure perspective, the concern is that there is no practical way to opt out of interacting with these superfluous market makers, and because of the take fees charged by exchanges, directional traders are effectively forced to subsidize HFTs even though there are other directional traders they could interact with directly.

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