Three most salient points of the paper offer an almost direct counter to HFT’s biggest critics: - HFT activity has no impact on market volatility and may event

Three most salient points of the paper offer an almost direct counter to HFT’s biggest critics: - HFT activity has no impact on market volatility and may event decrease it. - The authors find that there is no evidence of abusive front running. - HFT plays an important role in price efficiency and the price discovery process.