"At an event hosted by the [Chicago Mercantile Exchange] in October, Leo Melamed, one of the pioneers of Chicago's financial futures markets, called Budish's proposal a "nonstarter." He said the markets are working pretty well and there's no need to fix something that isn't broken.

Otherwise, Melamed said jokingly, "I'm going to consider going to North Korea and show them how they can become the center of finance in about three weeks."

So yeah this has been discussed and no, the powers that be like things the way they are. Go figure. This will need stronger powers to force the hand of the traders.

http://www.chicagotribune.com/business/ct-high-speed-trading...