Equilibrium High Frequency Trading

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A Dynamic Limit Order Market with Fast and Slow Traders (2014, unknown): “Let α ∈ [0, 1] denote the proportion of fast traders (henceforth FTs, slow traders are abbreviated as STs).”
High Frequency Trading and Price Discovery (2014, background): “The fact that HFTs impose adverse selection costs on liquidity suppliers, overall and at times of market stress, could lead non-HFT liquidity suppliers to withdraw from the market as discussed in Biais, Foucault, and Moinas (2011).”
The Diversity of High-Frequency Traders (2013, background): “According to Biais et al. (2011), such potential profits lead HFTs to overinvest in technology.”
Limit order books (2010, methodology): “Biais et al. (1995) noticed on the Paris Bourse that traders placed more orders with a relative price δx satisfying −s(t) < δx < 0 (i.e. limit orders that arrived inside of the bid-ask spread) at times when s(t) was larger than its median value. Hall and Hautsch (2006) and Cao et al. (2008) made sim”
News Trading and Speed (2012, background): “That is, (a) the informed investor’s trading strategy is optimal given market makers’ pricing policy and (b) market makers’ pricing policy follows equations (6) or (7) (depending on the model) with dyt = dut + dxt where dxt is the optimal trading strategy for the informed investor.”