High-Frequency Trading:Deception and Consequences

• 作者: Michael H.Wang Viktoria Dalko
• 来源期刊: 现代会计与审计:英文版
• 学科: 经济
• 关键词: HIGH-FREQUENCY TRADING DECEPTION VOLATILITY INSTABILITY ETHICS regulation
• 年，卷（期）: 2018,（5）
• 页码范围: 271-280
• 页数: 10页
• 分类号: F239

摘要

This commentary is based on the work of Cooper,Davis,and Van Vliet(2016)and the commentary focuses on what problem high-frequency trading poses.It lists key literature on high-frequency trading that is missing and points out that the poker analogy to defend deception in financial markets is weak and misleading.The article elaborates on the negative impact created by spoofing and quote stuffing,the two typical deceptive practices used by high-frequency traders.The recent regulations regarding high-frequency trading,in response to the“Flash Crash”of 2010,are preventive,computerized and more effective.They reflect ethical requirements to maintain fair and stable financial markets.