Fast trading and fragmentation of volume make equity markets complex, leading retail and institutional investors to demand sophisticated brokerage services. In a sample of stock transactions in Swedish large-cap firms, we find that brokers who show high trading sophistication when trading their...

This is the internet appendix for "How Aggressive are High-Frequency Traders". The paper "How Aggressive are High-Frequency Traders" to which these Appendices apply is available at the following URL: "http://ssrn.com/abstract=2326446" http://ssrn.com/abstract=2326446

We study order aggressiveness of market-making high-frequency traders (HFTs), opportunistic HFTs, and non-HFTs. We find that market-making HFTs follow their own group's previous order submissions more than they follow other traders' orders. Opportunistic HFTs and non-HFTs tend to split market...

Risk appetite has become a byword for bringing peoples' attention to the question of how much risk the organization is prepared to accept. While we agree that more attention on risk is often desirable, the current usage of the concept is highly inconsistent and may only serve to make firms more...