High Frequency Traders: Angels or Devils?
Pourquoi ce travail est dans la base
Une base qui oublie comment elle a trouvé un travail ne peut pas être vérifiée. Voici les voies qui ont admis celui-ci.
Notice bibliographique
Résumé
High frequency trading (HFT) is taking world capital markets by storm, notably in the United States and the United Kingdom, where it accounted for about 50 percent of equities trading in 2012, and to a growing extent in other parts of Europe and in Canada. Are high frequency traders angels or devils in terms of the impact on capital markets? Critics claim the latter and charge that they put retail and institutional investors at a disadvantage. Critics also blame high frequency trading for the “flash crash” on the Dow of May 6 2010 and say it has increased the likelihood of such events happening again. A closer examination of these views is in order. In this Commentary, I first look at what HF traders do and how HFT differs from traditional market making. I then explore the empirical evidence relating to the effect of HFT on capital markets, and canvass the policy issues that HFT raises. In the final section, I list some recommendations for policymakers with respect to HFT. After surveying empirical studies of HFT, I conclude that it enhances market quality. For example, it lowers bid/ask spreads, reduces volatility, improves short-term price discovery, and creates competitive pressures that reduce broker commissions. Despite being at a pronounced speed disadvantage, retail traders have realized a net gain from the presence of HF traders in the world’s capital markets. Maintain the Order Protection Rule and Contain the Spread of Dark Pools: To prevent abusive trading practices, protect client interests, and create a level playing field among different trading venues, policymakers should defend the consolidated order book by maintaining and policing the order protection rule and minimizing the leakage of trading from the “lit” markets to “dark pools.” Do Not Interfere with Maker/Taker Pricing Models: Some observers say maker/taker pricing raises higher trading costs for retail traders, because retail trade orders are typically on the active side of the market, and associated fees are passed on to customers. However, retail traders are about as likely to be on the active as the passive side of the market. Maker/taker pricing may raise costs on the margin, but also lowers bid/ask spreads. Focus on Circuit Breakers to Prevent “Flash Crashes”: HF traders did not cause the “flash crash, ” and instead supply liquidity when markets become volatile. Canadian regulators concerned with preventing similar events should focus on circuit breakers to stop market anomalies before they turn into “flash crashes.”
Récupéré en direct depuis OpenAlex et désinversé. Les résumés ne sont pas conservés dans cette base de données : les index inversés représentent 8,6 Go des 9,3 Go de texte de la base, et le serveur dispose de 13 Go libres.
Prédiction distillée sur la base complète
Imitation des enseignantsNi prévalence calibrée, ni vérité terrain. Validation humaine à venir. Apprise à partir de 10 348 étiquettes directes de Codex et de 10 348 étiquettes directes de Gemma. Le mode candidate est l'union des têtes enseignantes seuillées; le consensus est leur intersection. Ces sorties portent le statut machine_predicted_unvalidated et ne sont ni des étiquettes humaines ni des étiquettes directes de modèles de pointe.
Scores Codex et Gemma par catégorie
| Catégorie | Codex | Gemma |
|---|---|---|
| Métarecherche | 0,000 | 0,000 |
| Méta-épidémiologie (sens strict) | 0,000 | 0,000 |
| Méta-épidémiologie (sens large) | 0,000 | 0,000 |
| Bibliométrie | 0,000 | 0,000 |
| Études des sciences et des technologies | 0,000 | 0,000 |
| Communication savante | 0,001 | 0,009 |
| Science ouverte | 0,000 | 0,000 |
| Intégrité de la recherche | 0,000 | 0,000 |
| Charge utile insuffisante (le modèle a refusé de juger) | 0,009 | 0,001 |
Scores machine (provisoires)
Les deux têtes enseignantes du modèle étudiant, lues sur ce travail. Un score ordonne la base pour la relecture; il n'affirme jamais une catégorie, et le statut de validation accompagne chaque rangée tel quel.
Scores de référence d'un modèle non mature (critères de maturité non atteints, 7 itérations). Un score ordonne; il n'affirme jamais une catégorie.
score_only:v0-immature-baseline · tel quel depuis la passe de notation : score_only signifie que le nombre peut ordonner les travaux, et qu'aucune étiquette de catégorie n'en découle