The use of computers to execute trades, often with very low latency, has increased over time, resulting in a variety of computer algorithms executing electronically targeted trading strategies at high speed. We describe the evolution of increasingly fast automated trading over the past decade...

This paper is about the pricing of contingent services. The immediate problem is this: What is the cost of the right to choose among pipeline and spot market purchases of natural gas? Changes in the regulation of natural gas pipelines created these rights for customers without providing a...