The continuous debate and research related to High Frequency Trading emphasises the importance of performing analysis on topics associated with the interaction of traders with different trading speeds, and the effects of this interaction on price efficiency and market quality. The aim of this paper is directly related to the analysis on how information diffusion may affect order submission decisions of traders, with different trading speeds and how these may affect price efficiency or market quality. The incorporation of information in submitted orders evidently affects prices, but it may also affect market quality for different reasons e.g., the use of low-quality information, or the fact that slower traders may be considering information that has already been incorporated in the market prices by faster traders, hence leading to the mispricing of the fair value. This paper provides findings on the above-mentioned topics, based on a literature review - both theoretical or of empirical studies (which are scarcely available) and leads to the conclusion that High Frequency Traders could be treated as natural “insider traders” leading to significant price efficiency, as understood by the Efficient Market Hypothesis.

与高频交易相关的持续辩论和研究强调了对与不同交易速度的交易者互动相关的主题进行分析的重要性，以及这种互动对价格效率和市场质量的影响。本文的目的与分析信息传播如何影响不同交易速度的交易者的订单提交决策以及这些如何影响价格效率或市场质量直接相关。在提交的订单中包含信息显然会影响价格，但它也可能由于不同的原因影响市场质量，例如使用低质量信息，或者交易速度较慢的交易者可能正在考虑已经包含在市场价格中的信息通过更快的交易者，从而导致公允价值的错误定价。本文基于文献综述提供了上述主题的研究结果——无论是理论研究还是实证研究（几乎没有），并得出结论，高频交易者可以被视为自然的“内幕交易者”，从而导致重大有效市场假说所理解的价格效率。