Fig. 8
From: Non-Value-Added Tax to improve market fairness and quality
Typical price dynamic and simultaneous evolution of proportion of HFT as the result of switching mechanism. As our simulator realizes continuous time asynhcronous (event-driven) trading, prices are aggregated at half-second time scale in order to improve their readibility and comparability. Each point reflects the last fixed market price at a given round. The first two figures correspond to untaxed market. The last two figures correspond to the market under Non-Value-Added Tax