Resumen de High-frequency trading and property rights
On present-day financial markets, a lag between the time trades are agreed and the time they are paid for and settled exists even for so-called spot transactions. When exploited on technologically advanced platforms by computerized trading techniques, this lag leaves room for a controversial practice, namely high-frequency trading. This paper deals with property rights-related issues inherent to such a trading strategy. In particular, it shows that all trades on financial markets should conceptually be considered as futures if settlement is not performed in real-time. In this context, inflationary consequences of high-frequency trading may only arise if transactions that are factually futures are treated legally or contractually as spot.
