High-frequency traders are “market jackals” and not market makers, in increasingly electronic markets, JonesTrading Institutional Services said in a White Paper released Tuesday.

“HFTs are akin to market jackals, scavenging off the legitimate strategies of longer-term investors while simultaneously touting their importance to market health,’’ said JonesTrading director of marketing Scott Cooper in a paper on the Flash Crash called “May 6, 2010: A Market Odyssey.”

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