Auctions are formalized trading procedures in which the trading partners' interaction is governed by specific trading rules. Empirically we find a multiplicity of auction types with different trade objects, access rules for participants, and trading rules. During the 1980ies electronic auctions have been developed and implemented which distributed not only information about the trade objects el...

Information systems can serve as intermediaries between the buyers and the sellers in a market, creating an “electronic marketplace” that lowers the buyers’ cost to acquire information about sellers’ prices and product offerings. Although electronic trading systems provide potential to create an effi cient market structure, we witness that a $45 trillion fi xed-income market still makes little ...

the more frequently occurring security incidents, suggesting that more security is required for detecting and preventing unauthorised financial transactions entered by authorised users. To address the problem, and based on the observation that all authorised interbanking financial transactions trigger or are triggered by other transactions in a workflow, we have developed a security solution ba...

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...

∗ The authors names are given in alphabetical order, both authors contributed equally to this paper. Abstract: This paper presents a preliminary analysis of case study based research exploring the shift from traditional ‘open-outcry’ to electronic trading in the major futures Markets in London and Chicago. We outline the emergence of electronic trading in these Markets, with the aim of examinin...

Electronic markets use information technology to disseminate information on prices, quantities, and buyer and supplier identities. In spite of the recognized benefits of electronic markets, increased visibility and transparency may introduce imperfections, and create profitable opportunities to bypass markets that generates the information. In the U.S. securities markets, dissemination of marke...

Advanced electronic trading systems, such as the third phase of the TELCOT system, provide a negotiation mechanism for traders. The purpose of such a negotiation mechanism is to make the trading procedure more flexible. In principle, an electronic trading system establishes an environment in which traders select their partners based on posted trading terms such as product bid/offer prices, prod...

Requirements Engineering (RE) is arguably one of the most critical activities in the lifecycle of a software-centric system. In traditional RE techniques where more emphasis is placed on systematic upfront analysis, the tendency is to focus mostly on functionality rather than quality issues. Such a focus remains the same in Agile methods, except that emphasis has been shifted to delivering exec...

One source of trust for physical trading systems is their physical assets and simply their presence. A similar baseline does not exist for electronic trading systems, but one way in which it may be possible to create that initial trust is through the abstract notion of an institution, defined in terms of norms [19] and the scenes within which (software) agents may play roles in different tradin...

The electronic marketplace is a virtual trading environment over telecommunications networks, which replicates and can even improve functions of traditional physical trading markets. Based on a previously addressed method of taxonomy-hierarchy search, we propose a mechanism for electronic shopping supports. Instead of searching a fixed product taxonomy hierarchy, given search conditions, the pr...