Understanding market mechanisms to achieve greater efficiency in institutional equities and futures markets

本研究旨在探讨高频交易对金融市场质量的影响。金融市场对于资本筹集至关重要，是澳大利亚经济的重要组成部分。普通居民通过退休金在这方面投资了数十亿美元。市场质量的恶化导致消费者信心下降，增加公司的资本成本和交易成本，并最终降低退休质量。金融市场中高频交易的扩散需要彻底了解其对市场质量的影响。该项目旨在提高监管效率，改善金融市场，使澳大利亚对投资者具有吸引力，并提高居民的退休质量。

This project investigates the impact of high frequency trading on financial market quality. Financial markets are essential for capital raising and form a critical part of the Australian economy. Ordinary residents have billions invested in it through superannuation. Deterioration in market quality leads to poor consumer confidence, increases firms’ cost of capital and transaction costs, and ultimately reduces retirement quality. The proliferation of high frequency trading in financial markets requires a thorough understanding of their impact on market quality. This project aims to lead to more efficient regulation, improving financial markets and making Australia attractive to investors and enhancing the quality of retirement for residents.