Equilibrium Fast Trading
作者： Bruno Biais , Thierry Foucault , Sophie Moinas
DOI: 10.2139/SSRN.2024360
关键词:
摘要: High-speed market connections improve investors' ability to search for attractive quotes in fragmented markets, raising gains from trade. They also enable fast traders observe information before slow traders, generating adverse selection, and thus negative externalities. When investing trading technologies, institutions do not internalize these Accordingly, they overinvest equilibrium. Completely banning is dominated by offering two types of markets: one accepting the other them. However, utilitarian welfare maximized having i) a single type on which coexist ii) Pigovian taxes investment technology.
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