The Markets Committee of the Bank for International Settlements has published a report on high frequency trading in the foreign exchange market. The report set out the results of a fact-finding exercise conducted by a study group consisting of foreign exchange market experts from 14 Markets Committee member central banks. The report examines the facts about high frequency trading in foreign exchange, including its definition, effect on other market participants, behaviour in normal and stressed times, and key differences with high frequency trading in equities. It also identifies issues pertaining to market functioning, systemic risks, and market integrity and competition that may warrant further investigation.