As several exchanges in Europe and the US prepare to implement efficiency programs for order messaging-to-trade ratios, some in the industry are seeing this as a self-regulatory move to curb high-frequency trading ahead of statutory rulings. But is this really the case, or are exchanges just trying to improve the efficiency of algorithms? By James Rundle
High-frequency traders must feel like their ears are constantly burning. From magazines through to the Occupy London protests, financial conferences and regulatory speeches, they are in the news every other week. Along with this attention have been frequent calls for enhanced oversight and regulation of high-frequency trading, and it seems with regulators such as the US Commodity Futures Trading Commission...
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