- government regulations
- changes in order handling rules/reg ats
- market fragmentation (dark pools)
- financialization/indexed instruments & etfs
- electronic trading
- decimalization
- for-profit exchanges
- systemic market shocks (flash crash)
- global economic shocks (credit crunch)
- advances in information processing and the internet
- algo/hft driven trading and market-making
- central bank policy/qe-zirp
so, if we were to see hft banned or regulated, and a return to normal levels of human market activity, would the markets morph, once again?
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