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A comment on Hedge-fund managers that do the most research will post the best returns. Parent comment
This is how the SEC characterizes HFT firms.
1. Use of extraordinarily high speed and sophisticated programs for generating, routing, and executing orders.
2. Use of co-location services and individual data feeds offered by exchanges and others to minimize network and other latencies.
3. Very short time-frames for establishing and liquidating positions.
4. Submission of numerous orders that are cancelled shortly after submission.
5. Ending the trading day in as close to a flat position as possible (that is, not carrying significant, unhedged positions overnight).
From pages 4-5 https://www.sec.gov/marketstructure/research/hft_lit_review_...
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This is how the SEC characterizes HFT firms.
1. Use of extraordinarily high speed and sophisticated programs for generating, routing, and executing orders.
2. Use of co-location services and individual data feeds offered by exchanges and others to minimize network and other latencies.
3. Very short time-frames for establishing and liquidating positions.
4. Submission of numerous orders that are cancelled shortly after submission.
5. Ending the trading day in as close to a flat position as possible (that is, not carrying significant, unhedged positions overnight).
From pages 4-5 https://www.sec.gov/marketstructure/research/hft_lit_review_...