High-Frequency Trading and Its Impact on Exogenous Liquidity Risk of China’s Stock Index Futures Market before and after Trading Restrictions

<table class="table-group" id="tab2"><tr><td><table class="table"><tr><td class="thead-hr" colspan="2"><hr/></td></tr><tr class="thead"><td class="align_left">Before restriction</td><td class="align_center">After restriction</td></tr><tr><td class="thead-hr" colspan="2"><hr/></td></tr><tr><td class="align_left">2014.07.1<svg height="5.65839pt" id="M1" style="vertical-align:-0.04980993pt" version="1.1" viewbox="-0.0498162 -5.60858 7.75925 5.65839" width="7.75925pt" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink"><g transform="matrix(.013,0,0,-0.013,0,0)"><path d="M548 311L516 323C497 274 452 240 400 240C372 240 342 260 316 278C277 305 235 330 188 330C116 330 66 268 40 199L72 187C91 236 136 270 188 270C216 270 246 250 272 232C311 205 353 180 400 180C472 180 522 242 548 311Z"></path></g></svg>2015.09.02</td><td class="align_center">2015.09.07<svg height="5.65839pt" id="M2" style="vertical-align:-0.04980993pt" version="1.1" viewbox="-0.0498162 -5.60858 7.75925 5.65839" width="7.75925pt" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink"><g transform="matrix(.013,0,0,-0.013,0,0)"><path d="M548 311L516 323C497 274 452 240 400 240C372 240 342 260 316 278C277 305 235 330 188 330C116 330 66 268 40 199L72 187C91 236 136 270 188 270C216 270 246 250 272 232C311 205 353 180 400 180C472 180 522 242 548 311Z"></path></g></svg>2015.12.31</td></tr><tr class="table-tr"><td colspan="2"><hr class="tbody-hr"/></td></tr></table></td></tr></table>

Complexity

tab2

Table 2

Table 2: High-Frequency Trading and Its Impact on Exogenous Liquidity Risk of China’s Stock Index Futures Market before and after Trading Restrictions 

Table 2 | High-Frequency Trading and Its Impact on Exogenous Liquidity Risk of China’s Stock Index Futures Market before and after Trading Restrictions 