{"state_type":"pith_open_graph_state","state_version":"1.0","pith_number":"pith:2012:4ETX7K5JXWI5OMNRIUOJKKS3N2","merge_version":"pith-open-graph-merge-v1","event_count":2,"valid_event_count":2,"invalid_event_count":0,"equivocation_count":0,"current":{"canonical_record":{"metadata":{"abstract_canon_sha256":"274011456636a9b31e324189c811119266ec8a6c4b6ec3a4ca275a280afebcdc","cross_cats_sorted":["q-fin.GN"],"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.TR","submitted_at":"2012-11-08T17:44:53Z","title_canon_sha256":"c482d1c1db9143d73ab0b60fb8cc6d1a8504af103a138eae14cb25144218557c"},"schema_version":"1.0","source":{"id":"1211.1919","kind":"arxiv","version":1}},"source_aliases":[{"alias_kind":"arxiv","alias_value":"1211.1919","created_at":"2026-05-18T03:41:13Z"},{"alias_kind":"arxiv_version","alias_value":"1211.1919v1","created_at":"2026-05-18T03:41:13Z"},{"alias_kind":"doi","alias_value":"10.48550/arxiv.1211.1919","created_at":"2026-05-18T03:41:13Z"},{"alias_kind":"pith_short_12","alias_value":"4ETX7K5JXWI5","created_at":"2026-05-18T12:26:53Z"},{"alias_kind":"pith_short_16","alias_value":"4ETX7K5JXWI5OMNR","created_at":"2026-05-18T12:26:53Z"},{"alias_kind":"pith_short_8","alias_value":"4ETX7K5J","created_at":"2026-05-18T12:26:53Z"}],"graph_snapshots":[{"event_id":"sha256:308ff09e379b2b4695df98bd1af8b5669ef10b5ec2134284d833857e8109c3f0","target":"graph","created_at":"2026-05-18T03:41:13Z","signer":{"key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signer_id":"pith.science","signer_type":"pith_registry"},"payload":{"graph_snapshot":{"author_claims":{"count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57","strong_count":0},"builder_version":"pith-number-builder-2026-05-17-v1","claims":{"count":0,"items":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"formal_canon":{"evidence_count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"paper":{"abstract_excerpt":"High-speed computerized trading, often called \"high-frequency trading\" (HFT), has increased dramatically in financial markets over the last decade. In the US and Europe, it now accounts for nearly one-half of all trades. Although evidence suggests that HFT contributes to the efficiency of markets, there are concerns it also adds to market instability, especially during times of stress. Currently, it is unclear how or why HFT produces these outcomes. In this paper, I use data from NASDAQ to show that HFT synchronizes prices in financial markets, making the values of related securities change co","authors_text":"Austin Gerig","cross_cats":["q-fin.GN"],"headline":"","license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.TR","submitted_at":"2012-11-08T17:44:53Z","title":"High-Frequency Trading Synchronizes Prices in Financial Markets"},"references":{"count":0,"internal_anchors":0,"resolved_work":0,"sample":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"1211.1919","kind":"arxiv","version":1},"verdict":{"created_at":null,"id":null,"model_set":{},"one_line_summary":"","pipeline_version":null,"pith_extraction_headline":"","strongest_claim":"","weakest_assumption":""}},"verdict_id":null}}],"author_attestations":[],"timestamp_anchors":[],"storage_attestations":[],"citation_signatures":[],"replication_records":[],"corrections":[],"mirror_hints":[],"record_created":{"event_id":"sha256:9148e7b79ed1cce4379ac2d788a7cbdd6fa261339ea7ca25873e0f06c41070e7","target":"record","created_at":"2026-05-18T03:41:13Z","signer":{"key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signer_id":"pith.science","signer_type":"pith_registry"},"payload":{"attestation_state":"computed","canonical_record":{"metadata":{"abstract_canon_sha256":"274011456636a9b31e324189c811119266ec8a6c4b6ec3a4ca275a280afebcdc","cross_cats_sorted":["q-fin.GN"],"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.TR","submitted_at":"2012-11-08T17:44:53Z","title_canon_sha256":"c482d1c1db9143d73ab0b60fb8cc6d1a8504af103a138eae14cb25144218557c"},"schema_version":"1.0","source":{"id":"1211.1919","kind":"arxiv","version":1}},"canonical_sha256":"e1277faba9bd91d731b1451c952a5b6ebc94d0ab62d0bbcbc2b9e2eabae5f55d","receipt":{"algorithm":"ed25519","builder_version":"pith-number-builder-2026-05-17-v1","canonical_sha256":"e1277faba9bd91d731b1451c952a5b6ebc94d0ab62d0bbcbc2b9e2eabae5f55d","first_computed_at":"2026-05-18T03:41:13.213091Z","key_id":"pith-v1-2026-05","kind":"pith_receipt","last_reissued_at":"2026-05-18T03:41:13.213091Z","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","receipt_version":"0.3","signature_b64":"N24/PDdS0qO+tGaL4wBW8HSdGi5QGv3lakDNC7tyDrMxc53w8BGFjqfTh+zo3P8mlgsRNhZj/zRhpzz8QZoYAA==","signature_status":"signed_v1","signed_at":"2026-05-18T03:41:13.213659Z","signed_message":"canonical_sha256_bytes"},"source_id":"1211.1919","source_kind":"arxiv","source_version":1}}},"equivocations":[],"invalid_events":[],"applied_event_ids":["sha256:9148e7b79ed1cce4379ac2d788a7cbdd6fa261339ea7ca25873e0f06c41070e7","sha256:308ff09e379b2b4695df98bd1af8b5669ef10b5ec2134284d833857e8109c3f0"],"state_sha256":"5af03bb0c5b91331a351a25fc19309f7a5d98f5b316cb8fdd901dff940281c4a"}