Cheaper, faster, smarter

This feature originally appeared in the December 2009 edition of AsianInvestor magazine. To subscribe to our premium content, please email Stephen Tang or call +852 2122 5239. High-frequency trading is coming to Asian stock markets. It has come to account for 70% of volumes on US stock exchanges. Ample liquidity is one condition for HFT, which in turn creates more liquidity, and thereby induces exchanges and other alternative venues to narrow spreads and reduce costs. But the prol…