beagle3: yes, in an ideal world, regulations should be time-scale independent, and they should be observed and diligently enforced. The problem is that human j

beagle3: yes, in an ideal world, regulations should be time-scale independent, and they should be observed and diligently enforced. The problem is that human judgment -- which is still necessary for enforcing regulations in the face of market participants who're constantly trying to game them -- is not time-scale independent. As I presented it in my first comment above, the second side believes "it's a terrible idea to have market stability relying on the second-to-second behavior of automated trading systems that can make decisions and act on them much, much faster than humans could ever react to a market debacle." (Emphasis added.) As I see it, we're largely in agreement.