ANALYSIS: "Ghost in the machine: Markets; With so many trades now driven by software, concern surrounds the threat of devastating errors--and how much the playing field has become skewed," by Jeremy Grant and Michael Mackenzie, Financial Times, 18 February 2010.
Solid piece. Worth reading.
More interesting is the attached sidebar on the Amsterdam Stock Exchange, where a level playing field is being created by one broker-dealer firm amidst the race for ever-increasing speed in transactions.
[Ed. I do not see the sidebar online.]