Kaufman then argues from the viewpoint of the high-frequency trader in the letter.

FORBES: Painting A Portrait Of High-Frequency Traders

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 Securities and Exchange Commission (SEC) today adopted a new rule establishing large trader reporting requirements, in an effort to improve their ability to identify high-frequency trading by large market participants.

FORBES: New Large Trader Rules Adopted; SEC Hopes To Better Monitor High-Frequency Trading