This paper describes cash equity markets in Germany and their evolution against the background of technological and regulatory transformation. The development of these secondary markets in the largest economy in Europe is first briefly outlined from a historical perspective. This serves as the...

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...

Efficient order execution in electronic equity trading is a relevant source of portfolio performance both for investors and for investment firms when trading on own account. New technological innovations are expected to increase efficiency in order execution. In Europe, fragmentation of...