Online brokers tumble; Schwab decries HFT

|By:, SA News Editor

"High-frequency trading is a growing cancer that needs to be addressed," writes Schwab (SCHW -0.5%) CEO Walt Bettinger. HFT "has run amok and is corrupting our capital market system by creating an unleveled playing field for individual investors and driving the wrong incentives for our commodity and equities exchanges. ... Trade orders from individual investors are now pawns in a bigger chess game."

It's hard to make the connection between HFT and the online brokers, but they're tumbling in wake of Bettinger's essay. E-Trade (ETFC -6.3%), TD Ameritrade (AMTD -3.6%)