High frequency trading is going to be getting the once over by SEC and other oversight authorities with ultimately the volume kick backs probably being eliminated. The broader issue of high volume day trading is completely within market making rules and will be here forever. Whether or not they put some type of time throttle on price view is another question whereby no one trading group can see price data faster than a set point of origination from a server.
Many of the HF programs rely on location proximity there by reducing latency and thus by their nature rely on modified front running to make profits because consistent trading program success which depends on unique market insight is rare. Since fundamental market information is practically useless beyond normal bias reinforcement, any edge similar to the old wink wink nod nod is pursued.
What works works. What doesn't is almost everything talked about every day on every business news station. Adaptive programs with alpha producing strategies year in and year out provide a better market view than any earnings, share demand, and growth scenarios.
