We study performance and competition among firms engaging in high-frequency trading
(HFT). We construct measures of latency and find that differences in relative latency account …

We study market-making high-frequency trader (HFT) dynamics around large institutional
trades in Canadian equities markets using order-level data with masked trader identification …

We study the consequences of, and potential policy responses to, high‐frequency trading
(HFT) via the tradeoff between liquidity and information production. Faster speeds facilitate …

We examine the effect of high frequency trading on market quality from the perspective of a
limit order trader. By competing with slower limit order traders, high frequency traders (HFT) …

Several financial exchanges (eg, IEX and NYSE American) recently introduced messaging
delays to protect ordinary investors from high-frequency traders who exploit stale orders. To …

We examine the effect of high-frequency trading on market quality from the perspective of a
limit order trader. By competing with slower limit order traders, high-frequency traders …

This paper examines the effects of the competition between asset trading venues with
different levels of transparency: an opaque dark pool alongside a transparent exchange …

In November 2011, the US Securities and Exchange Commission implemented the final
provision of Rule 15c3-5 curbing unfiltered market access. The provision mandated that …

We study the quoting activity of market makers in relation to trading, liquidity, and expected
returns. Empirically, we find larger quote-to-trade (QT) ratios in small, illiquid, or neglected …

Public databases do not identify high frequency traders (HFTs), so researchers use proxies.
We assess the reliability of commonly used proxies using data with HFT identifiers. All …