Comment: Better solution (Score 1) 417
It's not only that stock exchanges have become gambling halls. It's worse: the HFT traders are the card sharks that any self-respecting casino bans from their premises.
If the markets themselves want to act like respectable gambling institutions, they need put a brake on this. The simplest means would be to charge big fees for cancellations. If Flash asks "would you like to buy an apple for 51c", and the answer is yes, then he had better buy the damn apple.
The liquidity argument is specious; there really is no benefit to liquidity below a certain threshold. Fees should also go up astronomically for very short-term trades.