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 enable order submissions without human intervention based on quantitative models applying historical and...

a r t i c l e i n f o In this work we propose a simple market model where some features of the Specialist System are analyzed. In particular, the specialist's obligation to display bid/ask quotes on the book within the bounds imposed by the Exchange is considered. The proposed model allows to analyze the effects of the specialist's interventions on the short term dynamics of bid/ask prices and ...

The purpose of this study is to analyze whether there are differences in market reactions and auditor changes before after the restatement company. In study, three variables were used, reaction, restatement. This research used quantitative method. populations all company listed on Indonesia Exchange IDX period 2017 2019 taken with purposive sampling test method uses Wilcoxon Signed Rank-Test be...

Competition for trading, service, or manufacturing companies is getting tougher, based on these considerations, the company must have ability to manage effectively so that it can achieve desired goals. So one of things pay attention culture and business ethics. Corporate will affect strength weakness performance within a company, as well Ethics needed in any activity, including world. This rese...

This article reviews stock-trading simulations as a resource for use in management courses. Stock-trading have three highly desirable qualities educators: (1) they cost nothing to use—instructors can choose from various free simulators that all the same general functionality, (2) provide real and continuously updating data (e.g., company news, stock price movements), (3) be customized enhance l...

Most stock markets are characterized by a number of parallel operating trading systems which interact intensively with each other. Usually, smaller trading platforms take the leading domestic main market as a benchmark in the price discovery process and for closing open trading positions. But what happens if the smaller trading systems suddenly have to act without this benchmark platform? We ex...

This paper documents that speed is crucially important for high-frequency trading strategies based on U.S. macroeconomic news releases. Using order-level data on the highly liquid S&P 500 ETF traded on NASDAQ from January 6, 2009 to December 12, 2011, we find that a delay of 300 ms or more significantly reduces returns of news-based trading strategies. This reduction is greater for high impact ...