For example, in the case of high-frequency trading (HFT), one can argue that the increase in the speed and execution serves no socially useful purpose, because most of the HFT transactions are netted out and, therefore, very little intermediation actually takes place.2 On the other hand, one could argue equally persuasively that trial and error carried out by HFT facilitate price discovery, performing a useful function for market participants that wish to trade in cash instruments.
Tom Alweendo: Namibia’s monetary policy framework Annual address by Mr Tom Alweendo, Governor of Bank of Namibia, Windhoek, 6 November 2008. *  *  *  Introduction Thank you for having accepted our invitation to come and listen to my annual address. This year I will focus my address on our monetary policy framework.