It has taken Michael Lewis’ forthcoming book (‘Flash Boys’) for the world of finance to loosen its embrace (or, at least pretend to do so) of ‘High Frequency Trading’ (HFT). It is a shame that this FT article does not mention the work by Andy Haldane of the Bank of England on this matter. His famous and well-argued speech on the topic of HFT is ‘Race to zero’. It can be found here and Yours truly wrote an article in MINT on this topic in 2011.
(p.s: This Bloomberg article too does not mention Andrew Haldane – one of the few regulators who saw High Frequency Trading for what it is – market rigging)