Securities Exchange, the technological equivalent of an arms race is

underway as high-speed, high-volume algorithmic transactions enable the

fastest trader to jump on a trend and profit from price changes.

High-frequency trading (HFT) has regulators on red alert, while some

investors call it parasitic, many like to blame it for the wild

volatility that caused the 2010 Wall Street "flash crash". Market

surveillance expert Mike Aitken, a professor at the Australian School of

Business, says there's good news and bad news about HFT and an

overwhelming lack of evidence. He urges regulators not to rely on

hearsay.