I don't even think it requires knowledge of HFT to see the flaw in the whole thing. For example, the whole premise of the book was that banks would see 10,000

I don't even think it requires knowledge of HFT to see the flaw in the whole thing. For example, the whole premise of the book was that banks would see 10,000 shares offered on 5 different exchanges. They'd go to buy 10,000, but only get filled on 2,000, and then cry foul. But people don't normally think like this. For example, if I wanted to sell my bike. I list it on Craigslist, Facebook and Next Door. If someone simultaneously contacted me through all three platforms, no one would expect that I was responsible for selling three bikes. Now, replace "bike" with "2,000 shares."