3. Michael Mackenzie, "High Frequency Trading Dominates the Debate," Fin. Times, Oct. 20, 2009, http://www.ft.com/intl/cms/s/0/fa347c26-bc41-11de-9426-00144feab49a.html#axzz2Bf1fY9iZ.
4. Nathaniel Popper, "High-Speed Trades Hurt Investors, a Study Says," The New York Times, Dec. 3, 2012, http://www.nytimes.com/2012/12/04/business/high-speed-trades-hurt-investors-a-study-says.html?pagewanted=1.
5. Computerized Trading: What Should the Rules of the Road Be?: Hearing Before the Subcomm. on Secs., Ins., and Inv. of the S. Comm. on Banking, Hous., and Urban Affairs, 112th Cong. (2012) [Hearing] (written testimony of Larry Tabb, CEO, TABB Group); Rob Iati, "The Real Story of Trading Software Espionage," Advanced Trading (July 10, 2009), http://www.advancedtrading.com/algorithms/the-real-story-of-trading-software-espio/218401501.
6. Scott Patterson, "CFTC to Examine Rapid Trading," Wall Street Journal, Jan. 31, 2012, http://online.wsj.com/article/SB10001424052970203920204577193130888885956.html?mod=ITP_moneyandinvesting_2.
7. "The fast and the furious," The Economist, Feb. 25, 2012, http://www.economist.com/node/21547988.
8. Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, Pub. L. No. 111-203, §967(a)(2)(D), 124 Stat. 1376, 1913 (2010) [hereinafter Dodd-Frank Act].
9. Bart Chilton, Comm'r, CFTC, Caging the Financial Cheetahs, American Soybean Association Legislative Forum, Washington, D.C. (July 12, 2011), available at http://www.cftc.gov/PressRoom/SpeechesTestimony/opachilton-50.
10. Peter J. Henning, "C.F.T.C. Is Set to Get Tougher on Fraud," Dealbook, Nov. 1, 2010, http://dealbook.nytimes.com/2010/11/01/c-f-t-c-is-set-to-get-tougher-on-fraud/.
11. CFTC Rule 180.1 prohibits intentional or reckless fraud-based manipulation unrelated to price. Rule 180.2 prohibits intentional direct or indirect manipulation or attempted manipulation related to price. 17 C.F.R. §180.1-180.2.
12. See Hearing, supra note 5 (testimony of David Lauer, Consultant, Better Markets) (citing to "conclusive evidence" of pervasive quote stuffing); Advent Software, "High-Frequency Trading: Useful Liquidity Tool or Weapon of Financial Mass Destruction?" (White Paper 2012), http://files.meetup.com/2958762/WP_HFT_0412.pdf (citing Mark Stys, Chief Investment Officer of Bluemont Capital Advisors, as saying order-anticipation strategies "provid[e] opportunities for high-speed, virtually undetectable market manipulation").