The Volume Clock: Insights into theHigh-Frequency Paradigm
提出高频交易的核心并非速度，而是基于成交量时钟的决策范式，并探讨低频交易者如何应对这一新环境。
Over the last two centuries, technological advantages have allowed some traders to be faster than others. In this article, the authors argue that contrary to popular perception, speed is not the defining characteristic that sets high-frequency trading (HFT) apart. HFT is the natural evolution of a new trading paradigm that is characterized by strategic decisions made in a volume-clock metric. Even if the speed advantage disappears, HFT will evolve to continue exploiting structural weaknesses of low-frequency trading (LFT).LFT practitioners are not defenseless against HFT players, however, and this article offers options that can help them survive and adapt to this new environment. <bold>TOPICS:</bold> <ext-link>Portfolio management/multi-asset allocation</ext-link>, <ext-link>exchanges/markets/clearinghouses</ext-link>, <ext-link>performance measurement</ext-link>