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almost returning to LIFFE first  screen  APT system .  ? where buyers and sellers have identities ?

"bank  robbers " never plead  guilty until there is enough evidence against them  !  The market sadly is suffering from its highest "market abuse" rate in decades , partly due to the fact that the regulators / mkt supervisors have neither the funds , resources or ability to catch the cheetahs .  

  Self regulating exchanges have to be abolished and independent regulators installed to monitor the markets .  Exchanges  expecting their members to install their own market supervision was very short sighted and has not worked but increased manipulation and caused lost confidence

good article and brings into play whether exchanges should hold their own regulation !  As you pointed out that HFT are exchanges best volume traders and I doubt whether their Market supervision Dept are allowed to report their manipulation . Finally until we accept that "market abuse " is at danger levels; above 40% ; we are not going to address this issue  as bank robbers rarely plead guilty !

with derivatives exchanges being self regulated you can see the gaping hole beneath !  Not only traders who have anonimity but the committees who voted for this twaddle !

     We are not really providing a legacy for our future markets .