Exploratory Trading - Adam Clark-Joseph外文电子书籍.pdfVIP

Exploratory Trading Adam Clark-Joseph∗ October 13, 2011 Abstract Empirical research suggests that high-frequency traders (HFTs) tend to be better informed in some respects than their lower-frequency counterparts, but the precise con- nection between rapid trading and superior information remains unclear. Anecdotal accounts suggest that at least some HFTs use their own trades