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“Overall, HFT enhances market liquidity, reduces trading costs, and makes stock prices more efficient. Increased liquidity lowers the cost of equity capital for firms. In addition, the lower costs of automation can be passed on to investors in the form of narrower bid-ask spreads and smaller commissions.With a lower cost of capital, firms are likely to invest more, with commensurate increases in GDP. And share prices are almost surely higher as a result of this reduction in trading costs, benefitting long-term investors.”
Charles Jones, business school professor at Columbia University, study analyzing 30 theoretical and empirical papers on HFT, March 20, 2013
“The evidence suggests that, on average, high frequency quotation activity does not damage market quality. In fact, the presence of high frequency quotes is associated with improvements in the efficiency of the price discovery process and reductions in the cost of trading. Even when high frequency trading is associated with large extractions of liquidity in individual securities, the price process in those securities appears to be quite resilient.”
Jennifer Conrad, Sunil Wahal and Jin Xiang, “High-Frequency Quoting, Trading, and the Efficiency of Prices”
published in May 2015 edition of Journal of Financial Economics