In 1999 I moved to Florida to start another hedge fund and opened a brokerage firm catering to big traders and institutions looking for direct access trading of their high frequency algorithms, which is what my funds specialized in.

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Tiring of the Big Apple, Gilani moved to Florida in 1999 and started another hedge fund and opened a brokerage firm focused on direct access trading of what would soon morph into high frequency algorithms, many of which he designed and still uses.

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"On a benign Friday in August with no significant news event, it doesn't take much to push the market around, especially on the close, " said Michael Shea, managing partner of institutional sales and trading at Direct Access Partners in New York.

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In addition, with the growth of direct market access (DMA) and algorithmic trading, asset managers and hedge funds are using broker dealer infrastructure to trade on the market, and potentially create trading problems.

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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 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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