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Van-based iPad interface. That's embracing change.

Cash is pretty effective isn't it?

Actually ASIC did implement dark pool rules, but decided that HFT was not in itself an issue. 

It is the front-running of trades that are bounced between venues that is the problem identified in Flash Boys, which relates specifically to latency arbitrage HFT, not all HFT. Therefore restricting the routing of trades to alternative venues, increasing their transparency around order flow and addressing conflicts of interest would seem a perfectly rational strategy. 
See http://asiaetrading.com/asia-etrader-magazine/asia-etrader-magazine-issue-eight/ for details.

@ Mr Swaminathan - You are correct of course regarding prop trading; the activity in broker dark pools, which is driven by HFT engines (albeit put to a different purpose) is no different from prop trading activity. There is no governance that determines when a broker must execute and all sorts of ways to show best execution (as there is no standard) after the fact. As a result they can execute or not in dark pools at an advantageous point in time to them, and claim it is market-making, when in fact they are optimising their own return. It was 'market-making' in dark pools that the SEC and CFTC say was withdrawn during the 2010 flash crash.

@ Mr Swaminathan - BATS' CEO was made, by the New York District Attorney, to recant his statement in this interview - http://www.zerohedge.com/news/2014-04-01/bats-ceo-shame-you-letting-everyone-it - saying that BATS' Direct Edge market fixes its prices using direct market feeds.

The reason was that latency arb firms get their data from direct feeds and Direct Edge uses the slower public SIPs feeds, which some might argue creates a rigged game, as latency arb guys can game people using the slower feed.

@ Mr Swaminathan - Is it the technology that rigs the market or the provision of information ahead of other traders? I think he is asserting that the latter is the case, and that releasing information at two speeds is the same as releasing information at different times.

As an update to this story, a European banker recently observed to me that geopolitical events do not appear to be reflected in foreign exchange rates, and as a consequence FX options offer "bizarrely cheap protection at the moment."

The decision to switch is for the banks. They have known about the need to move from branch accounting since the mid-1980s.

One can lead a bank to a scalable, server-based architecture, but one cannot make it switch.