Information technology plays a major role to support the process of securities trading. Tactical trading decisions can be implemented more efficiently by gaining access to alternative trading systems, which provide access to additional liquidity and potentially better execution prices. This paper explores the business value provided by to so-called dark pools of liquidity, which can be accessed...

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...

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...