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High-frequency trading (HFT) is a type of algorithmic trading characterized by high speeds, high turnover rates, and high order-to-trade ratios that leverages high-frequency financial data and electronic trading tools.〔The New Financial Industry, Alabama Law Review, available at: http://ssrn.com/abstract=2417988〕 While there is no single definition of HFT, among its key attributes are highly sophisticated algorithms, specialized order types, co-location, very short-term investment horizons, and high cancellation rates of orders.〔Lemke and Lins, ''"Soft Dollars and Other Trading Activities,"'' §2:31 (Thomson West, 2015-2016 ed.).〕 HFT can be viewed as a primary form of algorithmic trading in finance.〔The New Financial Industry, Alabama Law Review, available at: http://ssrn.com/abstract=2417988〕〔(www.forbes.com 2014-04-14 High Frequency Trading Explained Simply )〕〔(www.investopedia.com High-Frequency Trading - HFT )〕〔(www.wikinvest.com High-Frequency Trading (HFT) )〕〔(MIT Technology Review 2009-12-29 Trading Shares in Milliseconds )〕 Specifically, it is the use of sophisticated technological tools and computer algorithms to rapidly trade securities.〔 HFT uses proprietary trading strategies carried out by computers to move in and out of positions in seconds or fractions of a second.〔(www.nytimes.com 2009-07-24 Stock Traders Find Speed Pays, in Milliseconds )〕 It is estimated that as of 2009, HFT accounted for 60-73% of all US equity trading volume, with that number falling to approximately 50% in 2012.〔Rob Iati, (The Real Story of Trading Software Espionage ), ''AdvancedTrading.com'', July 10, 2009〕〔(Times Topics: High-Frequency Trading ), The New York Times, December 20, 2012〕 High-frequency traders move in and out of short-term positions at high volumes and high speeds aiming to capture sometimes a fraction of a cent in profit on every trade.〔 HFT firms do not consume significant amounts of capital, accumulate positions or hold their portfolios overnight.〔 As a result, HFT has a potential Sharpe ratio (a measure of reward to risk) tens of times higher than traditional buy-and-hold strategies. High-frequency traders typically compete against other HFTs, rather than long-term investors. HFT firms make up the low margins with incredibly high volumes of trades, frequently numbering in the millions. It has been argued that a core incentive in much of the technological development behind high-frequency trading is essentially front running, in which the varying delays in the propagation of orders is taken advantage of by those who have earlier access to information. A substantial body of research argues that HFT and electronic trading pose new types of challenges to the financial system. Algorithmic and high-frequency traders were both found to have contributed to volatility in the Flash Crash of May 6, 2010, when high-frequency liquidity providers rapidly withdrew from the market.〔〔〔〔 Several European countries have proposed curtailing or banning HFT due to concerns about volatility. ==History== High-frequency trading has taken place at least since 1999, after the U.S. Securities and Exchange Commission authorized electronic exchanges in 1998. At the turn of the 21st century, HFT trades had an execution time of several seconds, whereas by 2010 this had decreased to milli- and even microseconds. Until recently, high-frequency trading was a little-known topic outside the financial sector, with an article published by the ''New York Times'' in July 2009 being one of the first to bring the subject to the public's attention. On September 2, 2013, Italy became the world's first country to introduce a tax specifically targeted at HFT, charging a levy of 0.02% on equity transactions lasting less than 0.5 seconds.〔 〕〔 〕 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「High-frequency trading」の詳細全文を読む スポンサード リンク
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