Polecam bardzo tekst o HFT opisujący
zarówno pozytywne i negatywne skutki działalności HFT oraz dodatkowo
zawierający parę sugestii odnośnie zmian w sferze regulacyjnej.
"Many people believe that restrictions on HFT
cannot harm the markets because investment decisions are not made over
one-second intervals, much less over millisecond intervals. The premise of this
argument is right, but the conclusion is wrong. HFT promotes markets by making
them more liquid and thus ultimately lowers corporate costs of capital.
High-frequency traders need to submit and cancel their orders quickly to
provide liquidity cheaply.
The most pressing danger that the markets face from
HFT is least recognized: High-frequency traders are engaged in a costly
technology arms race that will not end well for investors if regulators do not
act soon. Fortunately, a simple change in order-handling procedures—described
herein—can sensibly stop this race.
Identifying what regulators should and should not do
about HFT requires some understanding about what high-frequency traders
do."
