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...

Innovative automated execution strategies like Algorithmic Trading gain significant market share on electronic market venues worldwide, although their impact on market outcome has not been investigated in depth yet. In order to assess the impact of such concepts, e.g. effects on the price...

The concept of Algorithmic Trading emulates via electronic means a broker s core competency of slicing a big order into a multiplicity of smaller orders and of timing these orders to minimize market impact. Based on mathematical models and considering historical and real-time market data,...

As successful algorithmic trading systems constitute a priceless value to their operators, their procedures of trading are kept secret and only little is known about their adaptation behavior to current market developments. Based on a unique dataset provided by Deutsche Boerse AG the activity of...

Innovative automated execution strategies like Algorithmic Trading gain significant market share on electronic market venues worldwide, although their impact on market outcome has not been investigated in depth yet. In order to assess the impact of such concepts, e.g. effects on the price...

In recent years the landscape of trading venues has been transformed by technological advances. New trading concepts and infrastructures along the securities trading value chain have been established. With RegNMS (Regulation National Market System) in the US and MiFID (Markets in Financial...

In recent years the landscape of trading venues has been transformed by technological advances. New trading concepts and infrastructures along the securities trading value chain have been established. With RegNMS ( Regulation National Market System ) in the US and MiFID (Markets in Financial...

Technological changes in securities trading systems over the past decades not only changed the traditional business model in Europe and the U.S., but also put questions to the existing regulatory framework at both sides of the Atlantic. Heterogeneous customer demands for different vectors of...

The securities trading industry in Europe is facing one of the most far reaching changes ever. The application of the Markets in Financial Instruments Directive2 (MIFID) by market participants in the 25 EU member states is scheduled for November 1st, 2007 and requires Investment Firms and...