The SEC, in their 150 page report on the May 6th crash, has section (around page 75) on "potential regulatory responses". I found this interesting, since I've been constantly repeating that we should ban market orders if we want to protect people from themselves:
"We are considering ways to address the risks of market orders, and their potential to contribute to sudden price moves. Areas under consideration include: (1) requiring market order “collars,” thereby effectively converting market orders into limit orders; (2) prohibiting or limiting the use of market orders; (3) requiring broker-dealers to specifically warn retail customers about the risks of market orders, particularly in volatile markets; and (4) pursuing investor education initiatives as to the risks of market orders."
I'd be shocked if they implemented #2, but it's the simplest and most effective solution, and removes any and all potential excuses from the execution side of things. I've specifically discussed all four of the potential changes the SEC detailed in that paragraph above. Mary Schapiro - you could at least give me a hat tip...