The "Flash Crash" of May 6 should serve as a wake-up call to the securities industry. It is time for all market participants - exchanges, market makers, proprietary traders, retail and institutional investors - to support reasoned market reform.
Reliable, efficient capital markets are a vital tool for capital formation, the transfer of risk and economic growth. Modern electronic markets offer investors tangible benefits of lower costs, immediate trades, improved price transparency and tighter spreads. Reforms should be targeted to forcefully address weaknesses without undermining the progress of the past two decades.

There are six key areas for improvement:

David Fuller's view The authors' six points make sense to me, particularly a more level playing field, and are necessary to help restore confidence in markets.