The FCA has published an occasional paper, together with a related article on the FCA's Insight website, which considers whether high-frequency traders (HFTs) are anticipating the order flow.  The paper focuses on the specific allegation that HFTs can predict when orders are going to arrive at different trading venues and trade in advance of slower traders, thereby inferring that HFTs can make profits without taking risks due to their latency advantages. FCA economists are currently analysing the behaviour of HFTs and other market participants in different contexts, including dark trading.