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.

FORBES: SEC Wants Real Time Trading Data

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

FORBES: Birth Of A Stock Exchange

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.

FORBES: Dear Jamie Dimon, What's Really Anti-American?

They acknowledge the difficulties caused by choosing radio-frequency chips instead of a system where direct contact must be made with the reader.

ECONOMIST: High-tech passports are not working

These were the direct ancestors of the "co-location" and "direct data feeds" that have enabled high-frequency traders to get first crack at market prices on today's stock exchanges.

WSJ: New Twist Is Added to an Age-Old Saga

New owner Chrysalis plans to put LBC on an FM frequency, swapping it with its sister News Direct station.

BBC: Tarrant sticks with Capital

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.

FORBES: Regulators And Traders Fail To Keep Pace In High Frequency Markets