The Problem of HFT - Collected Writings on High Frequency Trading & Stock Market Structure Reform

This book explores the problem of high frequency trading (HFT) as well as the need for US stock market reform . This collection of previously published and unpublished materials includes the following articles and white papers: 1. The Problem of HFT - explains how HFTs came to dominate US equity markets by exploiting artificial advantages introduced by electronic exchanges that catered to HFT strategies 2. HFT Scalping Strategies - describes the primary features of modern HFT strategies currently active in US equities as well as the benefits these strategies extract from the maker-taker market model and the regulatory framework of the national market system 3. Why HFTs Have an Advantage - explains the critical importance of HFT-oriented special order types and exchange order matching engine practices in the operation of modern HFT strategies 4. HFT - A Systemic Issue - a discussion of the latest industry and regulatory developments with regard [...]to exchange order matching practices that serve to advantage HFTs over the public customer 5. Electronic Liquidity Strategy - proposes a conceptual framework for institutional traders to achieve superior execution performance in HFT-oriented electronic market venues 6. Reforming the National Market System - proposes a 10-step plan for strengthening the operation of the US equities marketplace in order to serve the needs of long-term investors 7. NZZ Interview with Haim Bodek - addresses current topics and proposals for US equities market structure reforms 8. TradeTech Interview with Haim Bodek - addresses the current status of the HFT special order type debate **