White paper on the pros and / or cons of high frequency trading for hedge funds or a piece of litterature covering the subject

Could someone guide me to a white paper on the pros and / or cons of high frequency trading for hedge funds or a piece of litterature covering the subject —— http://www.cis.upenn.edu/~mkearns/papers/hft_arxiv.pdf Good paper, conclusion is that hype is bigger than profit. —– With respect to your specific question, I don’t think HFT is a …

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