The SEC is proposing a ban on flash trading along with other issues grabbing headlines, like direct market access for high-frequency traders.

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The problem, Mr. Lauer says, is that ETF firms at times give high-frequency traders access to the inner mechanics of how the ETFs operate.

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That, they say, gives them access to more telling, high-frequency waves that say a lot more about cognitive intentions.

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Down the road, Salinas hopes to use the wireless frequency to provide Internet access and e-commerce.

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The SEC has already proposed a number of changes designed to address their growing influence, including extra restrictions on broker-dealers that provide direct market access to high frequency traders, a trader tracking system for large traders, circuit breakers that would slow trading in individual stocks if they fall more than 10%, and new rules for off-exchange trading venues.

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The need for the SEC to have better access to information is heightened by the fact that large traders, including high-frequency traders, are believed to be playing an increasingly prominent role in the securities markets.

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