NEW YORK - June 22, 2010 - The May 6 "flash crash" may be history, but its after-effects - and threat to the stock market - continue to loom large after two recent mini-crashes in individual stocks.

Regulators have characterized the initial flash crash, which saw the Dow lose nearly 1,000 points in a matter of minutes, as a one-time occurrence possibly attributable to a "fat finger" trade or some other market anomaly.

But a growing chorus of traders and legislators believe the flash crash is symptomatic of a larger problem with high frequency trading and a market that lacks visibility and is susceptible to similar events in the future.

"We have a global economy and a global trading system, but we don't have a global framework to deal with it yet," says Doug Roberts, chief investment strategist at Channel Capital Research. "Until you do, you're going to be prone to this. With the average investor, they're going to want to be a little bit more conservative."