Before revision: In this paper we re-analyse the transition from sure to probabilistic sniping as explored in Menkveld and Zoican 14 . In that paper, the authors introduce a stylized version of a competitive game in which high frequency traders (HFTs) interact with each other and liquidity traders.
After revision: In this paper we re-analyse the transition from sure to probabilistic sniping as explored in Menkveld and Zoican \mbox{%DIFAUXCMD mz2017 . In that paper, the authors introduce a stylized version of a competitive game in which high frequency traders (HFTs) interact with each other and liquidity traders.