Four years of academic study on HFT yields complicated results

A transatlantic group of researchers has examined a treasure trove of market data to see whether or not high-frequency trading is a necessary component of today’s market structure. The answer is largely ‘yes,’ but with caveats.

Ever since the Michael Lewis book Flash Boys, high-frequency trading (HFT) has held a notorious place in the public imagination. But whether you believe that HFT is crucial for liquidity or a major threat to financial stability, it now represents just over half of all trading volume in the US equity markets, and 24% to 43% in Europe’s.

That’s why the range of practices and strategies caught by the definition of HFT are of increasing interest to academics, who look at HFT market microstructure

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DORA stalls over identifier dispute

A disagreement over how to classify third-party tech providers on a reporting form known as the “register of information” has held up preparations for the highly anticipated operational resiliency rule in Europe.

Preparing for the gathering storm

The Markets in Crypto-Assets (Mica) regulation came into force across the European Union on June 29 to enhance the transparency and integrity of the industry’s burgeoning crypto markets. Travis Schwab, CEO of Eventus, discusses his firm’s Mica strategy…

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