HFT growth has supposedly peaked in Western Europe, so the industry is moving to the BRIC markets where exchanges are modernizing their systems to charm these players. The Russian legal system regarding financial transactions is incoherent and full of contradictions and supervision of regular trading is already a challenge. If HFT is an issue in countries with sophisticated regulatory structures (notwithstanding the huge lack of funding) and has blurred the lines between cheating, betting and investing, I truly wonder how the practices associated with HFT will adapt to a weak institutional environment like Russia.
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