INTRODUCTION

Breaking it Down: An Overview of High-Frequency Trading
Advanced Trading takes an in-depth look at high-frequency trading, from a basic definition of the trading style to the details on who is leveraging it and how much they're trading.

CONTROVERSY

How High-Frequency Trading Became So Controversial
High-frequency trading has moved out of the shadows and entered even the average investor's vocabulary. How did it become so controversial, and what are the pros and cons of these trading strategies?

REGULATION

High-Frequency Trading On SEC's Agenda
While the controversy surrounding high-frequency trading continues, the SEC, which already has proposed banning flash orders, says it will look into high-frequency trading as well.

TECHNOLOGY

High-Frequency Trading Shops Play the Colocation Game
To shave milliseconds off their execution speeds, high-frequency trading firms look to capitalize on colocation strategies and other technologies to get close to exchange matching engines and reduce latency.

RECRUITING

High-Frequency Shops Poach Talent From Exchanges and Bulge-Bracket Firms
Lured by the promise of bigger paydays, many high-profile bulge-bracket traders and exchange executives are making the jump to high-frequency trading shops.

PROFILE OF AN HFT FIRM

Hyde Park Global Bets on Adaptive Models to Trade Arbitrage Strategies in Milliseconds
Proprietary high-frequency trading firm Hyde Park Global relies on statistical arbitrage models developed by scientists -- without the support of traders or analysts -- to take advantage of short-term price inefficiencies.

INDUSTRY VOICES

What Ails Us About High Frequency Trading?
Themis Trading's Sal Arnuk and Joseph Saluzzi sound off on three aspects of high frequency trading that are problematic.

Defining High Frequency Trading and its Market Impact
Woodbine Associate's most recent opinion piece aims to clarify certain definitional ambiguities around high frequency trading and examine its impact on the market.

High Frequency Trading and the Evolution of Liquidity in US Equity Markets
Regulatory intervention into high-frquency trading could derail the markets, caution Pipeline Trading's Al Berkeley and Fred Federspiel. Rather than turn to overregulation, instituional investors must learn how to trade in the current environment to avoid paying too much for liquidity.

Rishi Narang, Founding Principle, Telesis Capital
Rishi Narang, Founding Principle, Telesis Capital

FROM THE EDITOR

HFT: A Natural Evolution?
High-frequency trading did not spring up out of nowhere -- as the media coverage sometimes makes it seem -- but the practice's future holds many questions.

RESEARCH WATCH

TABB Group Pulls Back the High-Frequency Trading Curtain
TABB Group outlines a few principles to which it adheres when discussing the controversial subject of high-frequency trading.

MARKET INTELLIGENCE

High Frequency Community Speaks Out
At this week's Aite Group event focused on high frequency trading, a panel discussion brought together members of the high frequency community together to discuss the value of their trading style as well as some of the confusion and controversy around the practice.

Exchange Execs Debate Regulation, Flash Orders
At Aite Group's high-frequency trading event in mid-September, four prominent market center heads shared their views on the new market realities they face.

SEC Proposes Flash Order Ban
The Securities and Exchange Commission voted unanimously to propose a rule amendment to officially ban flash orders.

A 'Phenomenon' That Can't Be Stopped
In an exclusive video interview, Larry Tabb, CEO and founder of TABB Group, sits down with Advanced Trading Editor-in-Chief Kerry Massaro to discuss the new TABB Group research report on high-frequency trading.

AT THE CLOSE

Rather Than Simply Banning Flash Orders and High-Frequency Trading, the SEC Needs New Technology to Police High-Tech Markets
Could the SEC's proposed ban on flash orders be a precursor to a ban on high-frequency trading or to limits on colocation?