We examine the market quality effects of technology upgrades juxtaposed with short-sale bans. Between 2011 and 2013, the Spanish Stock Exchange introduced a smart trading platform (SIBE-Smart) and colocation to facilitate high-speed trading, and they also imposed two short-sale bans. We find...

We study the order exposure choice of various trader types in high-speed markets. Using message-level data to identify algorithmic (ATs) and non-algorithmic traders (NATs) we examine how technological differences affect order exposure. While both ATs and NATs hide orders, superior technology...