High-frequency Trading–to Regulate or Not to Regulate-That is the Question? Does Scientific Data Offer an Answer?

摘要

High-frequency trading (HFT) certainly captures public (and regulatory) attention. On May 6" 2010, the Dow Jones (DJ) experienced its largest intraday point drop in history, shedding $1 trillion of its market value in half an hour. Largely as a consequence of the event- named Flash Crash-regulatory authorities sharpened the regulations concerning HFT: in the US., circuit breakers were introduced [1], and the European Union made regulative changes that require equity orders to delay for at least halfa second. Also, in the markets, there has been a demand for introducing a financial transactions tax (FTT) in order to discourage high frequency trading.