But regarding flash trading: This is what happens when the financial press is on the ball and when we have regulators who actually believe in, you know, regulation rather than implementing the will of their corporate pals. This is swift action to correct wrongdoing. It wouldn’t have happened—at least nearly as quickly—without the work of a blogger taken to the next level by the press.

But the high-frequency trading story isn’t over. Flash trades and dark pools are the low-hanging fruit. We need a full exploration by the financial press and regulators of the implications of automated trading generally.

Ryan Chittum is a former Wall Street Journal reporter, and deputy editor of The Audit, CJR's business section. If you see notable business journalism, give him a heads-up at rc2538@columbia.edu.