En gennemgang af 56 forskningspapirer og analyser af effekten af HFT giver et broget billede. På plussiden tæller øget likviditet i aktierne, på minussiden tæller større kursudsving i urolige markeder, hedder det i forskningspapir: ”The full KF&Y paper provides a comprehensive overview of the current academic research in HFT. Overall, although there are still differences in opinion with regard to HFT, they conclude that HFT provides liquidity and on average improves market quality, with more discernible positive effects in large-cap stocks. However, they note that under distressed market conditions such as the 2010 Flash Crash, HFTs reportedly played a very different role, and contributed to the disorderly price decline (Kirilenko, Kyle, Samadi, and Tuzun (2011)). They state that, due to the limited empirical data that academic researchers can access, answers to questions regarding HFTs’ economic merit and regulation surrounding HFT behaviors are far from being definitive.”
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