5 Letter from the ECB President to Ms Perevenche Beres, MEP, on the legal framework for central counterparties,  11 January 2017. 2/2  BIS central bankers' speeches
This shift could be important to the extent that HFTs may have more limited capacity to support liquidity resilience since, on average, HFTs appear to trade with smaller inventories and lower capital than traditional traders. Although having less inventory and capital reduces the cost of trading, it also means that markets increasingly dominated by HFTs may be less able to absorb large shocks.