During the last 20 years, the financial sector has undergone an unprecedented transformation due to new regulations and the implementation of several technological advancements. The combination of regulation and technology has brought about new financial processes that have fundamentally changed how financial market making is done. This paper studies the ethics of financial market making and its implications for one of the most controversial financial innovations of modern times, namely high-frequency trading (HFT). We claim that the Aristotelian distinction between natural chrematistics, which is aimed at serving the real economy, and unnatural chrematistics, whose ultimate purpose is wealth accumulation, can be a useful criterion to assess the ethics of financial market making and the goodness of an innovation as HFT, and how it can serve the common good of society. This approach can be defined as ‘purpose oriented’ or ‘purpose fulfillment’.

在过去的 20 年中，由于新法规和多项技术进步的实施，金融业经历了前所未有的变革。监管和技术的结合带来了新的金融流程，从根本上改变了金融做市的方式。本文研究了金融做市的伦理及其对现代最具争议的金融创新之一，即高频交易 (HFT) 的影响。我们主张自然之间的区别亚里士多德理财学，其目的是服务于实体经济和非天然理财学，其最终目的是财富积累，可以作为评估金融做市道德和高频交易创新的优劣性以及它如何为社会共同利益服务的有用标准。这种方法可以定义为“目的导向”或“目的实现”。