As a long-time veteran of the securities industry, and as co-founder of a brokerage and trade cost analytics firm with a 35-year history, I have been party to many of the changes that technology has brought to the equity marketplace, mainly for the better. While technology has no doubt improved the efficiency of our business, the recent rise of High Frequency Trading (HFT) threatens to ruin the capital formation system that has served investors of all sizes so well.