Economics, Econometrics and Finance
4 years ago

High frequency traders profit at the expense of ordinary and sophisticated traders.

SIAM Journal on Financial Mathematics
Liquidity Suppliers and High Frequency Trading
Robert A. Jarrow, Philip Protter

Paper Summary

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High frequency traders make money by being faster than others in stock trading. They profit by buying and selling stocks at specific prices before others can. This hurts regular traders and advanced traders who use special strategies to trade. The study doesn't talk about how this affects the overall stock market.