Gonçalves, Jorge; Kräussl, Roman; Levin, Vladimir - 2019 - This version - July 2019
Is it true that speed bumps level the playing field, make financial markets more stable and reduce negative externalities of high-frequency trading (HFT) firms? We examine how the implementation of a particular speed bump - Midpoint Extended Life order (M-ELO) on Nasdaq impacted financial...