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Image of high-frequency traders recalibrated

Research is portraying HFTs in a new light – although so far the data has been collected under favourable market conditions

Flash Boys author Michael Lewis (right) discusses the reputation of HTFs on Bloomberg TV last year
Flash Boys author Michael Lewis (right) discusses the reputation of HTFs on Bloomberg TV last year Photo: Getty Images

It might come as a surprise to high-frequency traders but time has been on their side all along.

HFTs have always seen time as the enemy. Their entire business model depends on detecting orders on an exchange and responding faster than their competitors, so a microsecond is a disastrous, intolerable delay.

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