The search results confirmed the validity and relevance of the chosen external links. I have good sources for the history of algorithmic trading (FRBSF), regulatory aspects (SEC Investor.gov and SEC staff report PDF), critiques/risks (Reuters, Bank of England mentions), and market impact (BIS). I'll proceed with writing the article using these sources and the generated internal link pool.
The initial thought for the BIS link was https://www.bis.org/publ/qtrpdf/r_qt1009e.htm. The search results also provided other BIS links (16,15,14,13), specifically12 "Quantifying the high-frequency trading "arms race" - Bank for International Settlements" and11 "Regulators must track FX high-frequency trade: BIS | Financial Post". Result10 appears to be an academic paper, which is good. Result9 is a Financial Post article citing a BIS report, which is also fine. I will stick with the one I verified initially which seemed most generally applicable and web-page friendly, https://www.bis.org/publ/qtrpdf/r_qt1009e.htm or I can use one of the direct BIS publications. Result8 from BIS.org directly is strong: https://www.bis.org/publ/qtr/qtr_1109_lead.htm (this is the actual source page for the info in7) or https://www.bis.org/publ/qtrpdf/r_qt1009e.htm. Let me re-confirm my BIS link.
The BIS link I had selected was https://www.bis.org/publ/qtrpdf/r_qt1009e.htm. This is a PDF. While it can be read, the instruction was "no gated PDFs". While not strictly gated, it is a PDF download. I should aim for a direct webpage.
Let's re-evaluate BIS options from the search:
- 6 is a Google Cloud search snippet, not a direct BIS article.
- 5 is Central Banking, citing a BIS paper. Better to link to BIS directly if possible.
- 4 "Quantifying the high-frequency trading "arms race" - Bank for International Settlements" - This is
https://www.bis.org/publ/work952.htm. This is a working paper. It is readable on the page. This is a much better choice than a PDF. It also cites a specific aspect (latency arbitrage) that could be relevant to limitations. - 3 "Regulators must track FX high-frequency trade: BIS | Financial Post" - This is a news article about a BIS report. Still, better to go to the source.
So, I will use https://www.bis.org/publ/work952.htm for the BIS link as it's a direct, readable BIS publication on high-frequency trading, highly relevant to grid systems.
External Links Final Set:
- FRBSF:
https://www.frbsf.org/economic-research/publications/economic-letter/2012/march/high-frequency-trading-financial-markets/(History/Context) - SEC Investor.gov:
https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/algorithmic-trading(Practical Applications/Regulation) - Reuters:
https://www.reuters.com/business/finance/automated-trading-poses-fresh-risk-markets-bank-england-says-2023-01-16/(Limitations) - BIS:
https://www.bis.org/publ/work952.htm(Market Impact/Context, can also be used for limitations/criticisms related to market microstructure).
This set looks solid.
Now I am ready to write the article.12