Information, HFT and "THE HIDDEN ALPHA IN EQUITY TRADING"

From Oliver Wyman:

STEPS TO INCREASING RETURNS WITH THE ADVANCED USE OF INFORMATION 

TABLE OF CONTENTS 

1 INTRODUCTION
2 MARKET FRAGMENTATION AND THE GROWTH OF INFORMATION
3 THE PROLIFERATION OF HIGH FREQUENCY TRADING
4 FLASH CRASHES, BOTCHED IPOS AND OTHER SYSTEMIC CONCERNS
5 THE CHANGING INVESTOR-BROKER RELATIONSHIP
6 THE INFORMATION OPPORTUNITY FOR INSTITUTIONAL INVESTORS
7 STEPS TO FINDING HIDDEN ALPHA AND INCREASED RETURNS 

(20 page PDF)

HT: Themis Trading:

Alpha Plumbing – Oliver Wyman Paper