This book explores the problem of high frequency trading (HFT) as well as the need for US stock market reform. This collection of previously published and unpublished materials includes the following articles and white papers: The Problem of HFTHFT Scalping StrategiesWhy HFTs Have an AdvantageElectronic Liquidity StrategyHFT - A Systemic IssueReforming the National Market SystemNZZ Interview with Haim BodekTradeTech Interview with Haim Bodek"Modern HFT wasn't a paradigm shift because its innovations brought new efficiencies into the marketplace. HFT was a paradigm shift because its innovations proved that anti-competitive barriers to entry could be erected in the market structure itself to preference one class of market participant above all others"