Salmon warns of algo risks

Chris Salmon at the Bank of England — Chris Salmon: "We are mindful that an aggregate reduction in transparency has the potential to hamper efficient price discovery"

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Chris Salmon, the Bank of England’s executive director for markets, has said that while the rise of automated high-frequency trading has improved the day-to-day liquidity and efficiency in foreign exchange, equity and futures markets, it has also reduced overall transparency and could hamper efficient price discovery.

“The rise in automated high-frequency trading has… increased the incentive for market participants to protect information that could signal their trading intentions. This is to

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