The Investment Industry Regulatory Organization of Canada yesterday published three academic papers assessing the impact of high frequency trading on Canadian markets.

The impact analysis represents the thrdr phase of IIROC's study on high frequency trading. The first two phases of the study, which involved a statistical analysis of the trading activity of a study group of traders with relatively high order-to-trade ratios, were published in December 2012.

Two further papers are expected to be published by the summer of 2015.

IIROC intends to review the papers and determine whether any regulatory responses are required in light of their findings.