-post and ex-ante types), of cancellation fees and of transaction taxes on asset price volatility and on the occurrence and … duration of flash crashes. In the model, low-frequency agents adopt trading rules based on chronological time and can switch … volatility and the frequency of flash crashes. However, these policies also imply a longer duration of flash crashes. Furthermore …

of 200 milliseconds is enough to lower performance significantly. On low volatility days this is already the case for … delays larger than 50 milliseconds. In addition, the importance of speed for trading rule performance increases over time …