High-Frequency TradingHIGH FREQUENCY TRADING SECOND EDITION Since its inception in the early 1980s, high frequency trading (HFT) has continued to evolve and grow. While some have tried to demonize it over the past few years, the fact is that HFT has delivered considerable operational improvements to the marketsmost of which have resulted in lower volatility, higher market stability, better market transparency, and lower execution costs for traders and investors. While