The UK Financial Conduct Authority issued a research paper disputing allegations that high-frequency traders “prey on other market participants and only intermediate trades that would have taken place without their involvement.” In connection with this, the FCA paper found no evidence that HFTs exploit their latency advantages to anticipate orders arriving nearly simultaneously at different trading venues derived from other market participants. FCA concluded that this situation might be unique to London where all trading venues are within just a few miles of each other. Also, said FCA, “the regulatory set-up [in the UK] makes it more difficult to predict where orders will be routed compared to the US market.” However, the FCA study found that there were “patterns consistent with HFTs being able to anticipate the order flow over longer time periods.” However, FCA was not able to conclude whether this was because HFTs react “more rapidly to new information” or to “order flow anticipation.” In publishing its report, FCA said its research papers do not represent “the position of the FCA.” However, FCA may use its research reports as evidence in performing its functions.