High frequency trading should be banned as 'earning a profit on differences on the spread between bid and ask price of more than 11,000 instruments'

"High Frequency Trading is yet another dubious market practice exported to the world from Wall Street.   Proponents attempt to justify it, as they have with scrip lending, short selling and market-making, on the basis that it provides equities markets with 'much needed' liquidity. This is, of course, code for 'We're making a load of money from this, so don't even think about trying to stop it."

Seems just about everyone in the markets apart from the HF traders complains about how unfair it is. What happened to the notion of sharemarkets having a duty to operate honestly, efficiently and fairly? Where is the concept of a level playing field? 

So, high frequency trading has some questioning how level the playing field is.

"If you saw a hole in an oil pipe, most people would seek to fix it. Wall Street would look to build a village around it," says Michael Lewis. "If you saw a hole in an oil pipe, most people would seek to fix it. Wall Street would look to build a village around it."