论文标题
大型交易者是否受到前运行HFT的伤害？
Are Large Traders Harmed by Front-running HFTs?
论文作者
论文摘要
本文研究了高频交易者（HFT）对一个大型交易者的影响，该交易者的未来交易将由前者预测。我们得出的结论是，HFT始终是前进的，而大型交易者则受益：（1）有足够的高速噪声交易； （2）HFT的预测足够模糊。此外，我们出人意料地发现（1）使HFT的预测降低可能会降低大型交易者的利润； （2）当高速噪音交易几乎没有，尽管HFT几乎什么都没做，但大型交易者仍然受到伤害。
This paper studies the influences of a high-frequency trader (HFT) on a large trader whose future trading is predicted by the former. We conclude that HFT always front-runs and the large trader is benefited when: (1) there is sufficient high-speed noise trading; (2) HFT's prediction is vague enough. Besides, we find surprisingly that (1) making HFT's prediction less accurate might decrease large trader's profit; (2) when there is little high-speed noise trading, although HFT nearly does nothing, the large trader is still hurt.
