Here a couple of articles I found interesting on high frequency. It is now common knowledge that conventional markets (equity/options/fx) are now pretty saturated and HFT traders have extracted pretty much everything that can be extracted. They now need to hunt for new inefficiencies and it seems they have found what they were looking for in EMs.

Reuters had an article titled EM currencies brace for high frequency trading.

The Financial Times had one titled The future is all about cross-asset arbitrage.

Needless to say, having high frequency trading on these markets will affect movement there and could eventually affect how managers trade these markets.