(WSJ) While a number of Wall Street traders would agree, this argument may seem surprising coming from the 67-year-old Mr. Petterfy: He is widely considered the father of computer trading, a position that has made him a billionaire several times over.  High-frequency traders are “fair-weather market makers,” he said in an interview. “When the markets came under serious stress , we felt like we were standing on the precipice by ourselves, staring into the abyss.”  Mr. Peterffy has a solution: Require exchanges to hold orders for one-tenth of a second, while allowing registered market makers, such as Interactive, to trade at will. The requirement could put a dent in many high-frequency strategies, which rely on the ability to get in and out of positions as speeds measured in microseconds, or one-millionth of a second…

Full Story: A Call to Pull Reins on Rapid-Fire Trade (WSJ)