This creates, no surprise, herding behavior. Indeed, trading in the US nowadays is concentrated at the beginning and the last hour of the trading day, when HFTs are most active; for the rest of the day, markets are illiquid, with few transactions.
首先，在股市，高频交易员用算法计算机程序追踪市场趋势，他们导致了股票交易量的增加。毫不奇怪，这引起了羊群效应。事实上，如今美国市场的交易集中在每个交易日的开盘和收盘的半小时，这时高频交易最活跃；在其他时段，市场流动性很差，没有什么交易。