Two Years after “The Good, the Bad, and the Ugly” of Automated High-Frequency Trading

Abstract

The rage over high-frequency trading (HFT) and its role in financial markets has not quieted down. In some respects, the debate has heated up. This commentary letter gives personal perspectives to a review article by the same author that appeared in The Journal of Trading two years ago (Vuorenmaa [2013]). These insights could be developed into a policy that would make the markets work more efficiently with a better image.