Abstract

The implications of massive high-frequency trading are becoming increasingly clear in equity markets and other financial markets. In recent years high-frequency trading has not only increased vastly in US equity trading, but in the last ten years has extended widely to other major international exchanges. High-frequency trading from its origins attracted the interest of regulators concerned about the impact on market integrity and stability. However, it was the publication of Michael Lewis's best-selling book Flash Boys that alerted the world to the imminent dangers of this form of trading. Regulators are now confronted with the dilemmas of attempting to regulate an industry operating at the speed of light.

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