It's not meant to show a decline in HFT. It is meant to show a decline in overall trade volume:
Lewis takes pains to tell us what happened to the number of trades per day between 2006 and 2009, for instance, but doesn’t feel the need to mention what has happened since then. (It is falling, quite dramatically.)
The quote is not referring to high-frequency trades only.
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[ 2.7 ms ] story [ 19.1 ms ] threadLewis takes pains to tell us what happened to the number of trades per day between 2006 and 2009, for instance, but doesn’t feel the need to mention what has happened since then. (It is falling, quite dramatically.)
The quote is not referring to high-frequency trades only.