If this happens, in short order China will once again have to repair and rebuild bank balance sheets, either by directly recapitalizing the banks, or by forcing savers tosubsidize profits, or, most likely, by a combination of the two.
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 tosubsidize HFTs even though there are other directional traders they could interact with directly.