Manipulated markets and Ficticious Volumes

This is a short and informative video about program trading. The central argument is that high trading volume does not necessarily mean high liquidity. Thus, prima facie, high frequency trading seems to be adding "liquidity" to the market, it actually just adds volume. I see it differently. Those who have read about liquidity risk will quickly realize that with high frequency trading the level of liquidity is high but liquidity risk is also high!
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