The rigour and independence of high-frequency trading research have been thrown into the spotlight after trading chiefs raised doubts over a landmark government research project on the subject.

The two-year investigation into the Future of Computer Trading in Financial Markets by the UK government's Office for Science Foresight programme was initially welcomed by the industry, but some traders have now expressed disappointment and concern that an early working paper, first published last September, falls short on critical detail. Foresight's final report is due this autumn.