摘要：High-frequency trading (HFt ), which relies on computers to execute trades at high speeds, accounts for approxi-mately one-quarter of all trading in the canadian equity market, and more than half in the U S market 1a relatively recent but fas t-growing phenomenon, HF t has evolved with the changing structure of financial markets, yet its overall effect on financial markets and stability is not fully understood For example, while the growth of HF t has been associated with market-wide benefits, it also magni-fies certain risks, which may cascade into financial sys-tems and lead to financial instability
