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High-frequency trading and dark pools: a toxic effect on market evolution
19 June 2015
Unease among traditional punters and regulators
Is high-frequency trading leading to reduced participation by genuine investors and borrowers?
Research highlights: High-frequency trading and dark pools
Dr Amy Kwan and Dr Richard Philip are bringing new insights to the evolution of financial markets through their research into high-frequency trading and dark pools.
Although the banking sector sees high-frequency trading as beneficial and most academic studies indicate it should improve overall market quality, Dr Kwan and Dr Philip’s research confirms the unease among traditional punters and regulators that high-frequency trading may have a toxic effect on the market.
Published work
Kwan A, Masulis R and McInish TH. (2015), ‘Trading rules, competition for order flow and market fragmentation’. Journal of Financial Economics, vol.115:2, pp. 330-48.
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