We describe a real-time, internet-based S&P futures trading system, including a description of general aspects of internet-mediated interactions with electronic exchanges. Inner-shell stochastic nonlinear dynamic models are developed, and Canonical Momenta Indicators (CMI) are derived from a fitted Lagrangian used by outer-shell trading models dependent on these indicators. Recursive and adapti...

In investigating the effects of algorithmic trading on stock market liquidity and commonality in liquidity in different market conditions in an electronic limit order market, we find algorithmic trading increases stock liquidity by narrowing quoted and effective bid–ask spreads. Furthermore, algorithmic trading decreases commonality in liquidity; this finding is robust across a variety of liqui...

The nature of investing in share markets is undergoing significant changes due to the growth in electronic or online trading. Online trading has meant increased trading by new types of traders, often relatively inexpert. This paper reports a study that investigated whether more active trading by novice traders, meaning reduced decision making time, was associated with lower trading performance....

Electronic institutions are frameworks for electronic trading which specify rules for interaction, roles that (electronic) agents may play, the forms of discourse (via speech acts) in which agents may participate and the obligations that agents may acquire. Our objective is to bring the guarantees, and levels trust and confidence that people have in physical institutions to electronic trading. ...

nowadays, world wide web has become a popular medium to search information, business, trading and so on. various organizations and companies are also employing the web in order to introduce their products or services around the world. therefore e-commerce or electronic commerce is formed. e-commerce is any type of business or commercial transaction that involves the transfer of information acro...

This paper reports a laboratory experiment that studies several features of a tradable emission permit program recently implemented in the Los Angeles area. The experiment focuses on the new Electronic Bulletin Board trading institution, in which firms publicly post proposed terms of trade. Potential trading partners can review this information online, and transactions are executed following bi...

Information technology is transforming financial trading, lowering costs, and increasing market transparency. Yet, new electronic trading ventures often fail to attract sufficient activity levels, and close down. Optimark, Tradepoint, Jiway, and BondConnect did not develop sufficient trading volume to survive. In contrast, the International Securities Exchange (ISE), an allelectronic options tr...