All of finance is automated. This paper examines the ethical implications of this evolution. As automation is an interdisciplinary endeavor, we argue that the interfaces between the respective professions can lead to conflicting ethical perspectives. Such conflicts provide insufficient...

AT 9000 is an industry-specific quality management system standard for automated and algorithmic trading. The aim of AT 9000 is to address the safety issues inherent in automated trading by way of industry self-regulation. While the project is being developed under the ANSI/X9 umbrella, the goal...

Automated trading now dominates the financial markets. Yet, no philosophy of academic research into the topic exists. As the growth in automated trading suggests their greater returns and predictability, this paper examines stability and statistical control of trading process outputs as method...

In the age of automation, trading and market making is about estimating the fair price of automated trading system research and development projects. This requires a new methodology to arrive at such a fair price. A real options framework is a natural choice. In this paper we review a...

Extreme events in financial markets can arise from fundamental information, but they can also arise from latent hazards embedded in the market design. This is systemic risk and somebody bears this risk. These events add to risk and their probability and severity must be accounted for by market...