This is a smart move: Nasdaq, Direct Edge and BATS have announced they will voluntarily end their flash order functionality, according to the AP. The announcement comes in the wake of SEC chairwoman's Linda Shapiro's vow to outlaw the practice. This may disappoint some, but you can't argue with the logic. 

The issue had attracted a lot of unwanted attention, and by agreeing to end the practice, many in the industry are hoping that the regulators will not take a closer look at dark pools and new-age trading practices in general. These exchange venues will no longer offer flash orders starting Sept. 1. This may not necessarily stave off additional regulation. There has been a lot of worry about whether the ability to set best bids and best offers has been hampered by dark pools.

For more:
- here's the article

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