1. That paper hasn't been published or peer reviewed.
2. One of the authors used to work for HSBC as a derivatives trader.
3. That study analyzes the impact of a fee-per-order regulatory regime. It is not a study, as you claim, of a world with high frequency traders vs a counter factual world without them.
2. One of the authors used to work for HSBC as a derivatives trader.
3. That study analyzes the impact of a fee-per-order regulatory regime. It is not a study, as you claim, of a world with high frequency traders vs a counter factual world without them.