Taming HFT in the multi-dealer FX market

Anatoly (Alec) Schmidt

There has been ongoing discussion of the benefits and risks that high-frequency trading (HFT) has brought to financial markets. HFT is a form of automated trading in which placing and cancellations of orders are controlled by computer algorithms. While there is no universally accepted definition of HFT, it is usually assumed that HFT is done on millisecond-to-minute timescales.

Multi-dealer foreign exchange markets have two major customer groups. Firstly, manual traders who employ graphical user

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