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 …

A wider use of technology has contributed to the rapid growth of trading in stock markets in
the last decades, resulting in an increase in the number of participants and a sharp decline …

We examine product differentiation in the high-frequency trading (HFT) industry, where the
“products” are secretive proprietary trading strategies. We demonstrate how principal …

We review past research and discuss future directions on how the vibrant research areas of
market design and behavioral economics have influenced and will continue to impact the …

This study examines the intraday profitability and interactions among Buy-side Algorithmic
Traders (BATs), High-Frequency Traders (HFTs) and Non-Algorithmic Traders (NATs). When …

We quantify the price discovery contributions of high-frequency traders (HFTs) in the United
Kingdom equity market and examine how it varies in their cross-section. For this, we group …

I study how competition among high-frequency traders (HFTs) affects their trading behavior
and market quality. The analysis exploits a unique dataset, which allows comparing …

This paper aims to evaluate the volatility of precious metals, specifically Palladium, Gold,
and Platinum, within the context of the global minerals market. The research focuses on …

We study the evolution of the price discovery process in the euro-dollar and dollar-yen
currency pairs over a ten-year period on the EBS platform, a global trading venue used by …

Liquid financial markets are essential to any well-functioning financial system and are an
important element in the provision of 'market based finance'. The ability to safely and reliably …