Lessons learned and unresolved issues Having covered some of the facts about HFT in foreign exchange, I will conclude by summarising the lessons and issues that the report highlights:   On market functioning: HFT has had a marked impact on the functioning of the FX market in ways that could be seen as beneficial in normal times.
HFT helps to  4  BIS central bankers’ speeches  distribute liquidity across the decentralised FX market, improving efficiency, and has narrowed spreads, at least for smaller trade sizes. But liquidity for larger trade sizes may have become inferior.