This paper describes cash equity markets in Germany and their evolution against the background of technological and regulatory transformation. The development of these secondary markets in the largest economy in Europe is first briefly outlined from a historical perspective. This serves as the...

In this paper, we introduce a prototype approach toautomate the off-exchange trading via (intelligent)software agents. An innovative multi-agent based tradingsystem will be presented that permits the trader to initiateautomated single auctions and/or dynamic negotiationswithin a continuous...

This paper focuses on market-like coordination mechanisms in multi-agent systems, with applications to business planning. Several fundamental criteria are derived in order to evaluate market-like coordination mechanisms. The central criterion is the efficient allocation of jobs to agents....

In Electronic Commerce, the intra-organizational coordinationof directly responsible units, e. g. profitcentersor firms within an affiliated group, is of increasingimportance. These organizational units can be modeledwithin a Multi-Agent System (MAS), an interconnectionof autonomous information...

This paper focuses on market-like coordination mechanisms in Multi-Agent Systems (MAS) and business planning has been chosen as the application area. Several fundamental criteria are derived in order to evaluate marketlike coordination mechanisms. The central criterion is the efficient...

We analyze how market fragmentation affects market quality of SME and other less actively traded stocks. Compared to large stocks, they are less likely to be traded on multiple venues and show, if at all, low levels of fragmentation. Concerning the impact of fragmentation on market quality, we...

After exchanges and alternative trading venues have introduced electronic execution mechanisms worldwide, the focus of the securities trading industry shifted to the use of fully electronic trading engines by banks, brokers and their institutional customers. These Algorithmic Trading engines...

We analyze the dynamics of liquidity in Xetra, an electronic open limit order book. We use the Exchange Liquidity Measure (XLM), a measure of the cost of a roundtrip trade of given size V. This measure captures the price and the quantity dimension of liquidity. We present descriptive statistics,...

The general concept of a Securities Transaction Tax is controversial among academics and politicians. While theoretical research is quite advanced, the empirical guidance in a fragmented market context is still scarce. Possible negative effects for market liquidity and market efficiency are...

This paper describes cash equity markets in Germany and their evolution against the background of technological and regulatory transformation. The development of these secondary markets in the largest economy in Europe is first briefly outlined from a historical perspective. This serves as the...