报告题目： The Effect of High Frequency Trading on Security Markets and Some Policy Responses

主 讲 人： Oliver Linton (University of Cambridge )

报告时间：2021年6月29日 17:00-18:00 （周二）

报告地点：ZOOM ID：995 6912 6615

报告摘要：

High frequency trading (HFT) has grown substantially in recent years, due to fast-paced technological developments and their rapid uptake, particularly in equity markets. This paper investigates to determine how HFT in financial markets could evolve and, by developing a robust understanding of its effects, to identify potential risks and opportunities that it could present in terms of financial stability and other market outcomes such as volatility, liquidity, price efficiency and price discovery. Despite commonly held negative perceptions, the available evidence indicates that HFT and algorithmic trading (AT) may have several beneficial effects on markets. However, they may cause instabilities in financial markets in specific circumstances. The carefully chosen regulatory measures are needed to address concerns in the shorter term. However, further work is needed to inform policies in the longer term, particularly in view of likely uncertainties and lack of data. This will be vital to support evidence-based regulation in this controversial and rapidly evolving field.

报告人简介：

Oliver Linton是英国剑桥大学三一学院经济学教授，英国国家学术院院士（Elected Fellow, British Academy），世界金融计量经济学会主席，世界计量经济学会会士，国际数理统计学会会士，国际统计学会当选会员，曾担任Journal of Econometrics， Econometric Theory, Econometric Journal 等杂志主编，Econometrica, Journal of the American Statistical Association 等杂志副主编。他的研究专注于计量经济学理论与实践、实证金融学等领域。他还曾担任微观数据方法及应用中心成员，剑桥大学三一学院院士，剑桥大学新经济思维研究所实证金融项目协调人。

邀请人： 王汉超

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