Trading à haute fréquence: empreinte de marché et enjeux de régulation

Luc Goupil

Revue d'économie financière, 2013, vol. N° 110, issue 2, 277-294

Abstract: High Frequency Trading (HFT) refers to investment strategies where algorithms simultaneously handle data extraction and analysis and portfolio updating at an ever-increasing pace, presently below the microsecond. Empirical evidence suggests HFTbrings benefits in terms of price efficiency and market liquidity. HFT also calls for a regulatory response to the extent it generates externalities on other market participants and can amplify market disruptions. Faced with HFT, both supervisory toolkit and regulatory doctrine should be upgraded. In order to maintain market stability, integrity and fairness, regulators should embrace a broad approach that encompasses high frequency traders, their potential counterparties and trading venues. Classification JEL: G10, G23, G28.

JEL-codes: G10 G23 G28 (search for similar items in EconPapers)
Date: 2013
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