This report examines the facts about HFT in FX, including its definition, effect on other market participants, behaviour in normal and stressed times, and key differences with HFT in equities. It also identifies issues pertaining to market functioning, systemic risks, and market integrity and competition that may warrant further investigation. This report was prepared by a study group chaired by Guy Debelle, Assistant Governor of the Reserve Bank of Australia.
JEL classification: F31, G14, G15
BIS Report HFT Trading Systems