No, they don't serve the same purpose that market markers and specialists do. MM and Specialists serve to stabilize the markets and are obligated to create and maintain orderly markets.
HFT have no such obligation, so they can create liquidity and remove it whenever they want. They caused the Flash Crash in 2010 by removing a large amount of liquidity when the markets needed it the most.
If HFT were forced to maintain liquidity like real market makers and specialists, then I would have no qualms with them. But they want to have their cake and eat it too, they say they provide liquidity but only when it's convenient for them, and that is the part that is total BS.
HFT have no such obligation, so they can create liquidity and remove it whenever they want. They caused the Flash Crash in 2010 by removing a large amount of liquidity when the markets needed it the most.
If HFT were forced to maintain liquidity like real market makers and specialists, then I would have no qualms with them. But they want to have their cake and eat it too, they say they provide liquidity but only when it's convenient for them, and that is the part that is total BS.