I review the recent high-frequency trader (HFT) literature to single out the economic channels by which HFTs affect market quality. I first group the various theoretical studies according to common denominators and discuss the economic costs and benefits they identify. For each group, I then review the empirical literature that speaks to either the models’ assumptions or their predictions. This enables me to come to a data-weighted judgement on the economic value of HFTs.

中文翻译：

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高频交易经济学：盘点

我回顾了最近的高频交易者（HFT）文献，以找出影响其市场质量的经济渠道。我首先根据共同点对各种理论研究进行分组，并讨论他们确定的经济成本和收益。然后，对于每个小组，我都会回顾涉及模型假设或预测的经验文献。这使我能够对高频交易的经​​济价值进行数据加权判断。