to overreacting to market events, for example by producing unanticipated interaction effects that exacerbate volatility … regulation should focus on the supply of liquidity through an appropriate design of the microstructure of markets, rather than …

high frequency (HF) traders, observe the total orders of the insider and liquidity traders in both markets in each period …

. It is a bedrock assumption in theory that securities prices reveal how effectively public companies utilize capital. This …