• Corpus ID: 1740433

Competition between High-Frequency Market Makers, and Market Quality

  title={Competition between High-Frequency Market Makers, and Market Quality},
  author={H.-Johannes Breckenfelder},
High-frequency trading has been the subject of controversial discussions among legislators, regulators and investors alike, leading to calls for legislative and regulative intervention. The rst entries of large international high-frequency traders into the Swedish equity market in 2009, using NASDAQ OMXS tick data, oers a unique chance to empirically examine how competition aects market quality. Competition among high-frequency market makers coincides (i) with an increase in intraday volatility… 


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