In the stride for extreme performance in the financial world new challenges and trading strategies has emerged over the last few years. The technological arms race between trading venues and market participant rages on and reg- ulatory entities face the enormous task of regulating the ever changing scene of modern trading. One of the technological advancements the last few years is called high frequency trading. This has been made possible and take ad- vantage of the ultra-low latency communication provided by trading facili- ties. High frequency trading is one of the most debated subject in financial communities all around the world, and will remain a hot topic the next few years. In this thesis a broad approach is taken to identify some of the chal- lenges introduced by high frequency trading, both technological and ethical. The existing research on high frequency trading is diverse and divergent, but high frequency trading remain unregulated. In this thesis an analysis is pro- vided on upcoming and suggested regulations and a brief summary about the work of regulators. In addition a variety of ethical aspects are addressed and debated. Three proposals are provided, each proposal aims to improve one or more aspects of high frequency trading, and improve overall market quality.