We study empirically how competition among high-frequency traders (HFTs) affects their trading behavior and market …-frequency competition, and contains an exogenous event - a tick size reform - which we use to disentangle the effects of the rising share of … high-frequency trading in the market from the effects of high-frequency competition. We find that when HFTs compete, their …

We study empirically how competition among high-frequency traders (HFTs) affects their trading behavior and market …-frequency competition, and contains an exogenous event - a tick size reform - which we use to disentangle the effects of the rising share of … high-frequency trading in the market from the effects of high-frequency competition. We find that when HFTs compete, their …

I study empirically how competition among high-frequency traders (HFTs) affects their trading behavior and market …-frequency competition, and contains an exogenous event - a tick size reform - which I use to separate the effects of high-frequency trading … competition from the effects of the rising share of high-frequency trading in the market. I find that when HFTs compete, their …