T paper examines the contribution to price discovery by electronic and voice-based trading systems in the U.S. Treasury market. Evidence shows that the electronic trading system has more price discovery and that trading automation increases the speed of incorporating information into prices. However, human trading generates significant price discovery, though its volume is low. The relative con...

We use two administrative data sets, from a large internet broker and from a major commercial bank, together with regional data to ask three questions: (i) whether financial advisors tend to be matched with poorer, uninformed investors or with richer, experienced but presumably busy investors; (ii) how accounts run without financial advice actually perform relative to those run with advice; (ii...

Stock transaction data have become very detailed and enormous with the introduction of electronic-trading systems. This makes it a problem to store and to access,the data in later analyses such as mining useful gatterns and backtesting trading strategies. This paper investigates several storage methods in terms of both storage space and access efficiency and then proposes a new dynamic storage ...

We examine the evolution of the public electronic trading community over the Internet, based on the case study of two e-hubs for direct materials in the hi-tech industry in Asia. We identify three different stages in the transformation of the public online trading community. We also observe that there are two types of online trading community formation at a different stage of the public communi...

The ease of Internet stock trading has lured relatively inexperienced investors into the financial markets. We study the consequences of the influx of these uninformed traders with a dynamic equilibrium framework. Our results show that these strategic uninformed online traders who adopt feedback strategies cannot outperform those who do not follow feedback strategies and that feedback trading c...

Modern financial markets compete aggressively for trading activity and investor interest. Information technology, once a crucial element in streamlining paper flows and operations, is now a strategic resource used in attracting or retaining market liquidity. Established exchanges introduce technology to enhance their markets. New market venues challenge the status quo and rely on technology to ...

Being provided with a unique high-frequency dataset, we are able to show by means of an empirical analysis that computer-based traders, i.e. Algorithmic Trading (AT) engines, behave significantly different from human traders with regard to their order cancellation behaviour. Furthermore, given exactly this difference we point out that the application of well-established “traditional” liquidity ...

Inventory Information System in a retail trading business plays fairly important role, especially if the goods sold consist of various types and with high turnover rate. One problems that often arise an inventory system is number condition available warehouse cannot be known certainty. This can result being stored for too long, excessive, lacking or even running out inventory.
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This paper examines the relative liquidity and rate of price discovery on floorbased versus screen-based trading systems in the Japanese Yen, British Pound, and Euro foreign exchange futures markets traded on the Chicago Mercantile Exchange (CME). Intra-day data from January 2, 2003 through March 5, 2004 are used in our analysis. We find that liquidity, measured by bid-ask spreads, is tighter i...