You thought wrong. While there are a variety of things that HFT firms do, most of it is market making.
https://en.wikipedia.org/wiki/Market_maker
Well, I guess semi-regulated.
https://medium.com/automation-generation/15-well-known-high-...
They're also regulated in various ways.
https://www.nyse.com/markets/nyse/membership
You thought wrong. While there are a variety of things that HFT firms do, most of it is market making.
https://en.wikipedia.org/wiki/Market_maker