Commissioner O’Malia recently stated that the CFTC continues to look into possible rules to regulate high frequency trading. In February, the CFTC’s Technology Advisory Committee examined high frequency trading issues, including possible ways to curb the purported “arms race” effects of high frequency trading. One method that was proposed by a group of University of Chicago and University of Maryland professors was the use of “frequent batch auctions,” rather than continuous-time trading. Frequent batch auctions would batch trading in discrete time intervals such as every second or every one hundred milliseconds so that bids and offers would need to intersect during each batch to determine the market price for transactions. If bids and offers do not intersect, transactions would not occur. In support of their proposal, Professors Budish, Cramton and Shim asserted that frequent batch auctions would eliminate the arms race insofar as it would eliminate the need for high speed fiber optic or microwave connections between New York and Chicago and colocation issues. The professors also assert that frequent batch auctions improve both market liquidity and stability. If frequent batch auctions became mandated, exchange logistics and operations would need to be examined and presumably corresponding exchange rules and CFTC rules would be implemented. While the debate over the effects of high frequency trading continues, frequent batch auctions and other alternatives to continuous trading may receive more attention.