In this paper we propose a new approach to studying the financial markets. Instead of the traditional top- down approach where a Brownian Motion is assumed as the main driving force behind the market movement (and where dynamic strategies are built as a result), we rather take the opposite point...

In this paper we propose a new approach to studying electronic trading & systemic risk by re-introducing the High Frequency Trading Ecosystem (HFTE) model [71]. We specify an approach in which agents interact through a topological structure designed to address the complexity demands of most...