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ABSTRACT

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.

KEYWORDS

high-frequency trading, deception, volatility, instability, ethics, regulation

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