However, the report also pointed out that HFT players accelerated price fluctuations by rapidly withdrawing liquidity during the propagation of market turmoil. 6 In August 2012, many stocks on the New York Stock Exchange experienced a "mini flash crash" due to a massive number of erroneous orders. The erroneous orders have been attributed to system issues caused by human error.
5  As I mentioned, assessments of HFT have not been entirely positive. It is therefore important to consider measures and initiatives to ensure that the growing presence of HFT players contribute to enhancing market efficiency and liquidity through appropriate arbitrage and market-making activities and does not result only in transaction speed competition.