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1、Easley2013/10/811:31page207#22710TheRegulatoryChallengeofHigh-FrequencyMarketsOliverLinton;MaureenOHara;J.P.ZigrandUniversityofCambridge;CornellUniversity;LondonSchoolofEconomicsandPoliticalScienceHigh-frequencytrading(HFT)hasbecomethenorminequities,future
2、sandoptionsmarkets,andisquicklybecomingcommonplaceinforeignexchangeandcommoditymarkets.TheinfluenceofHFTgoesfarbeyondsimplyspeedingupmarkets,butinsteadchangeseverythingfromliquidityprovisiontoorderstrategiestomarketsta-bility.Forregulators,HFTposesdauntingchall
3、engesastohowbesttooverseemarketsinwhichcomputersgenerate,routeandexecuteorders.AnaddedcomplexityisthatHFTalsotiesmarketstogetheratlightningspeed,meaningthatregulatoryframeworkscannotsim-plyapplytoparticularmarketsoreventospecificassetclasses.Fromflashcrashestone
4、wmethodsofmanipulation,regulatorsnowfaceahostofproblems.Inthischapter,weaddressthechallengesofregulationinahigh-frequencyworld.WediscussindetailregulatoryissuescreatedbyHFTandhowthesedifferfromtheproblemsfacingregulatorsinthepast.Weprovidesomespecificexamplesof
5、theproblemsraisedbyHFT,andthenturntoadiscussionoftheproposedsolutions.Ourpremiseinthischapteristhat,justasmarketshavechangedinfundamentalways,so,too,musttheirregulationandsupervision.Twoissuesareparticularlyimportant.First,thespeedofmarketsnecessitatesthatregu
6、lationmustmovetoanexanteratherthanexpostbasis.Thereissimplynotenoughtimetointerveneeffectivelyinmarketsaftersomethinghashappened,soregulatoryactionsintheeventoffalteringmarketsmustbepre-specifiedandapplied207Easley2013/10/811:31page208#228HIGH-FREQUENCY
7、TRADINGconcurrently.Coincidentwiththischangeistheuseoftechnologytomonitormarketsinrealtime,ineffectapplyingthesamehigh-frequencytechnologytosupervisethemarketsasisbeingusedbytradersinthemarkets.Second,regulatorystructuremustalsoexplic-itlyaddresstheroleofuncer
8、taintyinaffectingthebehaviourandstabilityofhigh-frequencymarkets.Speedcaninduceuncertaintywhich,inturn,induceslackofparticipation.Aswediscussinthischapter,regulatorypoliciesdesigne
