{"id":8094,"date":"2013-07-11T05:27:41","date_gmt":"2013-07-11T09:27:41","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=8094"},"modified":"2013-07-11T05:27:41","modified_gmt":"2013-07-11T09:27:41","slug":"the-high-frequency-trading-arms-race-frequent-batch-auctions-as-a-market-design-response","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2013\/07\/11\/the-high-frequency-trading-arms-race-frequent-batch-auctions-as-a-market-design-response\/","title":{"rendered":"The High-Frequency Trading Arms Race: Frequent Batch Auctions as a Market Design Response"},"content":{"rendered":"<p>Extract from a paper by Eric Budish, Peter Cramton, and John Shim proposing that frequent batch auctions &#8212; uniform-price double auctions conducted at frequent but discrete time intervals (e.g. every 1 second) \u2013 be employed to end the high-frequency trading arms race:<\/p>\n<blockquote><p>The fourth and final part of our argument shows that frequent batch auctions are an attractive market design response to the HFT arms race. Batching eliminates the arms race for two reasons. First, and most centrally, batching substantially reduces the value of a tiny speed advantage. In our model, if the batching interval is \u03c4 , then a \u03b4 speed advantage is only \u03b4\/\u03c4 as valuable as it is under continuous markets. So, for example, if the batching interval is 1 second, a 1 millisecond speed advantage is only 1\/1000 as valuable as it is in the continuous limit order book market design. Second, and more subtly, batching changes the nature of competition among fast traders, encouraging competition on price instead of speed.<\/p>\n<p>Intuitively, in the continuous limit order book market design, it is possible to earn a rent based on a piece of information that many fast traders observe at basically the same time \u2013 e.g., a jump in the price of ES \u2013 because continuous limit order books process orders in serial, and somebody is always first. In the batch market, by contrast, if multiple traders observe the same information at the same time, they are forced to compete on price instead of speed.<\/p><\/blockquote>\n<p>Read more at <a href=\"http:\/\/faculty.chicagobooth.edu\/eric.budish\/research\/HFT-FrequentBatchAuctions.pdf\">The High-Frequency Trading Arms Race: Frequent<br \/>\nBatch Auctions as a Market Design Response;Eric Budish, Peter Cramton, and John Shim;July 7, 2013<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Extract from a paper by Eric Budish, Peter Cramton, and John Shim proposing that frequent batch auctions &#8212; uniform-price double auctions conducted at frequent but discrete time intervals (e.g. every 1 second) \u2013 be employed to end the high-frequency trading arms race: The fourth and final part of our argument shows that frequent batch auctions &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2013\/07\/11\/the-high-frequency-trading-arms-race-frequent-batch-auctions-as-a-market-design-response\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;The High-Frequency Trading Arms Race: Frequent Batch Auctions as a Market Design Response&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[57],"tags":[1476,1685],"class_list":["post-8094","post","type-post","status-publish","format-standard","hentry","category-stock-markets","tag-frequent-batch-auctions","tag-high-frequency-trading"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The High-Frequency Trading Arms Race: Frequent Batch Auctions as a Market Design Response - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The High-Frequency Trading Arms Race: Frequent Batch Auctions as a Market Design Response - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Extract from a paper by Eric Budish, Peter Cramton, and John Shim proposing that frequent batch auctions &#8212; uniform-price double auctions conducted at frequent but discrete time intervals (e.g. every 1 second) \u2013 be employed to end the high-frequency trading arms race: The fourth and final part of our argument shows that frequent batch auctions &hellip; Continue reading &quot;The High-Frequency Trading Arms Race: Frequent Batch Auctions as a Market Design Response&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2013\/07\/11\/the-high-frequency-trading-arms-race-frequent-batch-auctions-as-a-market-design-response\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:published_time\" content=\"2013-07-11T09:27:41+00:00\" \/>\n<meta name=\"author\" content=\"ColinTwiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"ColinTwiggs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2013\/07\/11\/the-high-frequency-trading-arms-race-frequent-batch-auctions-as-a-market-design-response\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2013\/07\/11\/the-high-frequency-trading-arms-race-frequent-batch-auctions-as-a-market-design-response\/\"},\"author\":{\"name\":\"ColinTwiggs\",\"@id\":\"https:\/\/thepatientinvestor.com\/#\/schema\/person\/cb072791ac83e8bae585007c133d54a5\"},\"headline\":\"The High-Frequency Trading Arms Race: Frequent Batch Auctions as a Market Design Response\",\"datePublished\":\"2013-07-11T09:27:41+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2013\/07\/11\/the-high-frequency-trading-arms-race-frequent-batch-auctions-as-a-market-design-response\/\"},\"wordCount\":276,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#organization\"},\"keywords\":[\"frequent batch auctions\",\"high frequency trading\"],\"articleSection\":[\"Stock Markets\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2013\/07\/11\/the-high-frequency-trading-arms-race-frequent-batch-auctions-as-a-market-design-response\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2013\/07\/11\/the-high-frequency-trading-arms-race-frequent-batch-auctions-as-a-market-design-response\/\",\"url\":\"https:\/\/thepatientinvestor.com\/index.php\/2013\/07\/11\/the-high-frequency-trading-arms-race-frequent-batch-auctions-as-a-market-design-response\/\",\"name\":\"The High-Frequency Trading Arms Race: Frequent Batch Auctions as a Market Design Response - the patient investor\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#website\"},\"datePublished\":\"2013-07-11T09:27:41+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2013\/07\/11\/the-high-frequency-trading-arms-race-frequent-batch-auctions-as-a-market-design-response\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2013\/07\/11\/the-high-frequency-trading-arms-race-frequent-batch-auctions-as-a-market-design-response\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2013\/07\/11\/the-high-frequency-trading-arms-race-frequent-batch-auctions-as-a-market-design-response\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/thepatientinvestor.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"The High-Frequency Trading Arms Race: Frequent Batch Auctions as a Market Design Response\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/thepatientinvestor.com\/#website\",\"url\":\"https:\/\/thepatientinvestor.com\/\",\"name\":\"The Patient Investor\",\"description\":\"Smart. 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One is called algo-sniffing. Here, a super-fast computer tries to find other computers going about their everyday business of buying or selling shares, and figures out what they're going to do and when. The algo-sniffer can then get ahead of\u2026","rel":"","context":"In &quot;Trading&quot;","block_context":{"text":"Trading","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/trading\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5523,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/19\/for-superfast-stock-traders-a-way-to-jump-ahead-in-line-wsj-com\/","url_meta":{"origin":8094,"position":2},"title":"For Superfast Stock Traders, a Way to Jump Ahead in Line &#8211; WSJ.com","author":"Colin Twiggs","date":"September 19, 2012","format":false,"excerpt":"By SCOTT PATTERSON and JENNY STRASBURG Haim Bodek was a Wall Street insider at Goldman Sachs and UBS before launching his own [high-frequency] trading firm. Mr. Bodek approached the Securities and Exchange Commission last year alleging that stock exchanges, in a race for more revenue, had worked with rapid-fire trading\u2026","rel":"","context":"In &quot;Stock Markets&quot;","block_context":{"text":"Stock Markets","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/stock-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5278,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/08\/16\/asx-revenue-from-high-frequency-trading-soars\/","url_meta":{"origin":8094,"position":3},"title":"ASX revenue from high frequency trading soars","author":"Colin Twiggs","date":"August 16, 2012","format":false,"excerpt":"A new data center, catering for high-speed trading, is becoming a major revenue-source for the ASX. My concern is that this could change the entire focus of the ASX, outweighing revenue from traditional stock market trading. Tom Steinert-Threlkeld at the Securities Technology Monitor writes: The Australian Securities Exchange Group said\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5255,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/08\/14\/plans-for-curbs-on-high-speed-share-trading-the-australian\/","url_meta":{"origin":8094,"position":4},"title":"Plans for curbs on high-speed share trading &#124; The Australian","author":"Colin Twiggs","date":"August 14, 2012","format":false,"excerpt":"ASIC deputy chairman Belinda Gibson says automated trading needs robust controls. The corporate watchdog has blamed high-frequency trading for a big jump in the number of issues referred for investigation in the June half-year. \"This type of trading, and algorithms generally, continue to be of concern,\" Ms Gibson said. \"The\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5260,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/08\/14\/new-research-busts-high-frequency-trading-and-dark-pool-myths-cmcrc-yahoo-finance\/","url_meta":{"origin":8094,"position":5},"title":"New Research Busts High-Frequency Trading and Dark Pool Myths &#8212; CMCRC","author":"Colin Twiggs","date":"August 14, 2012","format":false,"excerpt":"Press Release: Capital Markets Cooperative Research Centre CMCRC, the Australian independent academic centre for capital market research, has found that high-frequency trading (HFT) actually benefits capital market structures and performance, while dark pools may have damaging effects. 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