High-frequency trading firms are fighting to fend off
regulation as scrutiny of their practice of unleashing blizzards of orders
coincides with repeated technical glitches in the markets. As the firms work to
convince policy makers their practices are benign or even beneficial, one of
their primary tools has been research seeded by the industry itself, promoted
by lobbying that has increased in recent years.
Yet research conclusions presented as firm endorsements of
high-frequency trading don't always square with reservations harbored by some
researchers themselves, who question how far existing studies can go to pin
down the effect rapid trading has on the overall market….
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