Abstract
Contributions of various trading styles into liquidity of the multi-dealer FX spot market are described. Market impact of the intervention of the Bank of Japan in 2011 is discussed. Particular attention is given to the effects of high-frequency trading (HFT). It is argued that the HFT orders occupy top of the limit order book most of the time and, as a result, HFT determines the market volatility. Possible solutions to maintaining market liquidity in the presence of HFT are addressed.
Full Text 
Sign-in/Register to access full text options
Sign-in/Register to access full text options 
Published version (
Free)
Free) 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a call
