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Federal Reserve Board
Faster than a speeding bullet

Faster than a speeding bullet

Source: Federal Reserve Board of Chicago

Carol Clark, lead technical expert, Financial Markets Group of the Chicago Fed examines the risks associated with high-frequency trading, and asks how are these risks controlled?

A handful of high-frequency trading firms accounted for an estimated 70% of overall trading volume on US equities markets in 2009. One firm with such a computerised system traded over 2 billion shares in a single day in October 2008, amounting to over 10 percent of US equities trading volume for the day.

A major issue for regulators and policymakers is the extent to which high-frequency trading amplifies risks, including systemic risk.

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