Let me get this straight
One man can, even momentarily, wipe out a large percentage of the value of the richest country in the world, and the author wants us to belive that there is no inherrent problem with the system?
I don't buy the idea that there's nothing wrong with HFT, and wish to see markets stabilised by abolishing it. I'd propose two simultaneous changes:
1. A minimum period of share ownership for listed companies of, say, 24 hours.
2. A tax (very small) on all trades. Fractions of a percent - perhaps 0.1%? Enough to make HFT unprofitable, but not to have any real impact on funds and investors actually, you know, funding and investing.
In fact you could drop point 1 altogether by starting the tax at 10% for shares sold sooner than one minute after purchase, and decreasing to zero after, say, a week/month/year.