RT Journal Article SR Electronic T1 Effects of High-Frequency Trading in the Multidealer Spot Foreign Exchange JF The Journal of Trading FD Institutional Investor Journals SP 72 OP 78 DO 10.3905/jot.2015.10.2.072 VO 10 IS 2 A1 Anatoly Schmidt YR 2015 UL https://pm-research.com/content/10/2/72.abstract AB Contributions of various trading styles to the liquidity of the multidealer foreign exchange (FX) spot market are described. Market impact of the intervention of the Bank of Japan in 2011 is discussed. Particular attention is given to the effects of high-frequency trading (HFT). It is argued that the HFT orders occupy the top of the limit order book most of the time and, as a result, HFT determines the market volatility. Possible solutions to maintaining market liquidity in the presence of HFT are addressed.TOPICS: Quantitative methods, exchanges/markets/clearinghouses