Order flow is toxic when it adversely selects market makers, who may be unaware they are providing liquidity at a loss …-induced volatility …

. Overwhelmingly, empirical studies emphasize that HFT improves the quality of financial markets in terms of increased liquidity …, the author argues that there is a relationship between HFT, increased market volatility, fall in trading activity …, liquidity and market capitalization on the Bulgarian capital market following the global financial crisis, concluding that the …