The Economics of High-Frequency Trading: Taking Stock
综述高频交易（HFT）文献，梳理HFT影响市场质量的经济渠道，分组讨论理论模型的经济成本与收益，并依据实证研究对HFT的经济价值做出判断。
I review the recent high-frequency trader (HFT) literature to single out the economic channels by which HFTs affect market quality. I first group the various theoretical studies according to common denominators and discuss the economic costs and benefits they identify. For each group, I then review the empirical literature that speaks to either the models’ assumptions or their predictions. This enables me to come to a data-weighted judgement on the economic value of HFTs.