The Futures Industry Association held its 27th annual conference in Chicago on 10-12 October 2011. On the last day of the program, NERA Industry Affiliate Dr. James Overdahl chaired a session entitled "Impact of High-Frequency Trading on Markets." As high-frequency trading (HFT) continues to influence exchange-traded markets around the globe, a growing body of empirical studies has emerged documenting the impact of HFT on markets. This panel examined the impact of HFT on market quality metrics, and addressed issues such as whether HFT creates an unlevel playing field, disadvantages other market participants, or contributes to market instability.