Technological innovations such as high frequency trading systems (HFT) and algorithmic trading systems have changed financial markets. We discuss technological and economic aspects of HFT and find that HFT have a major impact on all aspects of the internal market structure of exchanges. We use market quality measures on a unique dataset provided by NASDAQ in order to analyze the contribution of...

Algorithmic trading has becomes a huge proportion of the trades executed on securities exchanges around the world. Reduced transaction costs have faciliated a new generation of trading strategies which depend on computing and network speed. Algorithmic trading also poses a new set of risks and challenges regulators to keep up. This paper reviews the technology infrastructre supporting algorithm...

We investigate the portfolio execution problem under a framework in which volatility and liquidity are both uncertain. In our model, we assume that multidimensional Markovian stochastic factor drives of them. Moreover, model indirect costs as temporary price impact, stipulating power law to relate it agent's turnover rate. first analyse regularized setting, admissible strategies do not ensure c...

Automated trading systems on developed and emerging capital markets are studied in this paper. The standard for developed market is automated trading system with 40-days simple moving average. We tested it for the index SIX Industrial for 1000 and 730 trading days. The Buy and Hold trading system was 7.80 times more profitable than this etalon trading system for active trading. Simple taking of...

Algorithmic trading strategies are most often evaluated by running against historical data and observing the results. This limits the evaluation scenarios to situations similar to those for which historical data is available. In order to evaluate high frequency trading systems in a broader setting, a different approach is required. This paper presents an agent-based financial market simulator t...

the multilateral trading system as a sub-system of the present international system from its beginning as gatt in 1947, after scond world war, until now have been criticized by different countries. with the conversion of gatt into the wto in 1994, not only dissatisfaction of the countries with the performance of multilateral trading system have not gone away, but in many cases also have increas...

Covid-19 has impacted various industrial sectors and the decision-making of Indonesian government. The government’s decision also an impact on global economy; therefore, tax recipients in Indonesia trading goods services nationally internationally have decreased. This study aims to determine pandemic revenues, as well need for fiscal incentives context economic recovery. method used this is a d...

The Central Bank of Iran banned online currency trading through Forex brokers in November 2016. However, some Iranian speculators still trade in the online Forex market. Is this prohibition on Forex trading reasonable? According to reports, the majority of Forex day traders fail and leave the market within six months to a year. Some scholars attribute this failure to the changeable characterist...

The aim of the current study was to identify the Rugby game- related statistics that discriminated between winning and losing teams in IRB and S12 close games. Archival data reported to game-related statistics from 120 IRB games and 204 Super Twelve games played between 2003 and 2006. Afterwards, a cluster analysis was conducted to establish, according to game final score differences, three dif...