NO.PZ201512181000007305
问题如下：
The reason for SAMN having to adapt its trading strategies is a result of:
选项：
A.latency.
market fragmentation.
high frequency trading.
解释：
B is correct. According to Johnson, markets have become increasingly fragmented as the number of venues trading the same instruments has proliferated and trading in any given instrument has been split (or fragmented) across these multiple venues. As a result, the available liquidity on any one exchange represents just a small portion of the aggregate liquidity for that instrument. This phenomenon is known as market fragmentation and creates the potential for price and liquidity disparities across venues. As a result, SAMN has had to adapt its trading strategies to this fragmented liquidity to avoid intensifying the market impact of a large trade.
请问market fragmentation.是不是体现为high frequency trading，那怎么区分呢。谢谢！
