High-frequency Trading and its impact on markets

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Journal Article
Financial Analysts Journal, 2014, 70 (3), pp. 18 - 27
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At the 2013 CFA Institute Financial Analysts Seminar, held in Chicago on 22-25 July, Maureen O'Hara discussed a new market paradigm: Trading has become faster, and market structure has fundamentally changed. In today's market, high-frequency traders (HFTs) act on information revealed by low-frequency traders (LFTs). To survive, LFTs must avoid being detected by predatory algorithms of HFTs. LFTs can thrive by adopting trading strategies appropriate to the high-frequency trading world. © 2014 CFA Institute.
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