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The small order execution system (SOES) on the Nasdaq gave rise to a new trailblazing form of retail trader -- one who could sit in an office and traffic in the super-wide spreads that once characterized small stocks. The money flowed like milk and honey, giving rise to the modern day-trading industry, which tends to crash and burn whenever the markets shake out.

A massive market structure issue for years has concerned the plight of small companies. Wall Street once loved trading these companies' stocks because of the massive spreads and strong volumes that lined the pockets of market makers and other traders.

In March, the SEC voted to formally propose Reg SCI as a much needed response to the troubling string of technology-related incidents that have plagued the national market system.