I review the recent high-frequency trader (HFT) literature to single out the economic
channels by which HFTs affect market quality. I first group the various theoretical studies …

High‐frequency trading (HFT) is an important component of stock market activity on major
exchanges. In the United States, HFT contributed approximately 52% of total equity trading …

We define low-latency activity as strategies that respond to market events in the millisecond
environment, the hallmark of proprietary trading by high-frequency traders though it could …

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 exploit an optional colocation upgrade at NASDAQ OMX Stockholm to assess how
speed affects market liquidity. Liquidity improves for the overall market and even for …

We examine the relation between high frequency quotation and the behavior of stock prices
between 2009 and 2011 for the full cross section of securities in the US. On average, higher …

We study bitcoin to US dollar (BTCUSD) liquidity and liquidity determinants using order book
data from three large cryptocurrency exchanges. The BTCUSD market is more liquid than …

This study provides evidence that high-frequency traders (HFTs) identify patterns in past
trades and orders that allow them to anticipate and trade ahead of other investors' order …

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 …

Using the staggered entry of Chi-X in 12 European equity markets as a source of exogenous
variation in high frequency trading (HFT), we find that HFT causes significant increases in …