High Frequency Trading and How It Relates to Insider Trading High Frequency Trading (HFT) has gained a foothold in financial markets and has been making front-page news since the events of May 6, 2010, now commonly referred to as the Flash Crash. Significant changes in the macro and microstructure of European financial markets following the implementation of the Markets in Financial Instruments Directive (MiFID) I and technological progress in trading processes have resulted

The use of technology has changed the structure of the equity market and the way investors implement their trading strategies. Several issues related to the use of technology, however, have shed light on significant limits in the Securities and Exchange Commission’s (“SEC” or the “Commission”) ability to effectively monitor the stock market and adequately understand its dynamics. Isolated events (such as the 2010 flash crash) and structural transformations (such as the prolif