High-frequency traders: bond market scourge or savior?

Principal Trading Firms say their role was vindicated during the wild price swings on October 15 after a report by five US regulators showed that during a crucial 15-minute window — in which the 10-year Treasury yield plummeted 33 basis points before bouncing back up — PTFs were responsible for the majority of trading, amounting to more than 70 per cent of all activity.