[patrickdavey]

http://www.amazon.com/Dark-Pools-Machine-Traders-Rigging/dp/...

Good book. HFT gives the illusion of liquidity - can dry up real quick and if things go wrong, well, as suggested below, you get the Flesh Crushes ;)

[fantnn]

Some guy with an MFA is not qualified to talk about HFT and liquidity. I was referring more to an academic source, flash crashes are more the exception and not the rule; they stabilize quickly and have little to no lasting negative effect on industry.