A better petition would be to ban latency exploitation. Frequency of trading has very little to do with the "bad guys"
In the world somewhere beyond the pearly gates the altruist would would enjoy a market where skill and ability determined outcomes. Wall Street has never had much to do with this heavenly world, instead, since the days under the button wood tree, it's been about lying, cheating, and stealing. The cover story for these attributes has been nearly perfected, though once in a while someone takes note and says, "Hey, wait a minute here! You guys are stealing from me!" But protestations don't last. Everyone keeps a straight face and swears on a stack of bibles that it's all a legitimate business aimed at supporting the American Businessman and helping mom and pop prepare for their golden years, or as Mr. Blankfein famously said, "were just doing God's business." Understandably, there is not much enthusiasm on Wall Street for killing the goose that lays the golden eggs. Should you wake some morning to discover your broker has become your friend and the playing field is level, you will know you have passed through the pearly gates.
SEC Charges Owner of N.J.-Based Brokerage Firm With Manipulative Trading http://www.sec.gov/News/PressRelease/Detail/PressRelease/1370541406190#.Uz7U2ceUmRB
i'm just curious-why now? all of sudden everyone is all over the place about this HFT. media,AG,SEC. why now,after this Lewis guy article? where they have been 5 years ago? where they have been after flash crash? so-why now?
Yea seems it's all over the place. Here's another you might like, released today: SEC Announces Additional $150,000 Payment to Recipient of First Whistleblower Award http://www.sec.gov/News/PressRelease/Detail/PressRelease/1370541413136#.Uz7xw8eUmRC
On the contrary, what I posted is educational. If don't learn those basic facts you will never be a successful trader!