Computerized and High‐Frequency Trading
描述了近十年来自动化交易速度提升的演变过程，分析了高频交易的特征、策略和盈利能力，并对比了其对证券市场表现的影响研究，最后探讨了相关监管问题。
Abstract The use of computers to execute trades, often with very low latency, has increased over time, resulting in a variety of computer algorithms executing electronically targeted trading strategies at high speed. We describe the evolution of increasingly fast automated trading over the past decade and some key features of its associated practices, strategies, and apparent profitability. We also survey and contrast several studies on the impacts of such high‐speed trading on the performance of securities markets. Finally, we examine some of the regulatory questions surrounding the need, if any, for safeguards over the fairness and risks of high‐speed, computerized trading.