As expected, the SEC has proposed a ban on flash orders, a practice that had already been disavowed by BATS and Nasdaq OMX. DirectEdge, which had been a pioneer of sorts, seemed determined to stick with the practice in some form. No indication yet of how it will respond, but it certainly stands to be the most affected.

When the New York Times put an article about the practice on its front page it exploded as a kind of populist issue. It had been interpreted as a service that largely benefited high frequency traders. Recently, there had been some talk that the concept could somehow benefit all. Some suggested ways that orders could be flashed more broadly, to the entire market even. That was always more of an options-market centric idea that never really ignited. 

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