High-Frequencey or High-Priviledge Trading?

In the (distant?) past exchanges had clear-cut rules about how orders were treated. The New York Stock Exchange for example had clear rules defined with respect to priority and precedence that insured that orders large and small had a level-playing field. The present discussion (Wall St Journal, 13 Oct 09) about unfair advantages gained by giving priority access to so-called high-frequency traders makes it clear that these rules have to be adjusted in light of the technological advances we have seen in the past few decades. Now time intervals are measured in milli or nano seconds but technology also gives the tools the regulate high-speed trading orders. What is intolerable is the fact that certain market participants can claim faster access than is available to other market participants. It is high time that the arms race to ever-faster access speeds gets regulated by the authorities. The exchanges are no longer non-profit making institutions that have the interests of the wider investment public at heart and if necessary have to be told to put traffic humps in order to slow down order flow from certain market participants.