This is fixing the wrong problem. The issue is not the rate at which people are getting information; it is the rate at which people are using the information which creates the volatility.

My solution is as follows. When someone places a market order, the order is not cancelable and his funds or security goes into escrow. Then he must wait for a amount of time, selected at random from some distribution by the market. For example, he might have to wait 5 minutes; or wait 2 hours. At that point, the transaction occurs. The market will clear all transactions before it closes. The idea is to significantly reduce the advantage people might gain from rapid transactions. To discourage breaking transactions into many microtransactions for purposes of gaming the distribution, we might also introduce a small per-transaction tax.

HFT does have some benefits that doing this eliminates:

1) It provides markets for securities that would otherwise by relatively illiquid.

2) It compresses the bid/ask spread so that the price better approximates what buyers and sellers are willing to pay.

The people who HFT affects are the institutions that are competing directly with them. For the most part it doesn't affect what you or I should choose to invest in as long as we assume we're investing, rather than speculating. (And even if we're speculating, our time horizon is probably much longer than a HFT firm's.

Yea, I don't really get this. You don't even need the markets to close. You just need to announce ahead of time when such important documents will be released. (I assume this is already done rather than releasing them as a surprise.) Then, people trading slowly will simply refrain from trading their stocks until they have read the report. Having this info 10 seconds earlier doesn't help the fast trader if no one is willing to trade with them.