A model of competitive stock trading is developed in which investors are heterogeneous in their information and private investment opportunities and rationally trade for both informational and noninformational motives. I examine the link between the nature of heterogeneity among investors and the behavior of trading volume and its relation to price dynamics. It is found that volume is positivel...

The last decade has witnessed a dramatic increase in both the number and the market share of screen-based trading systems. Electronic trading systems do offer lower operating costs and the possibility of remote access to the market. On the other hand, arguments based on the anonymity of electronic trading systems suggest that adverse selection may be a more severe problem and that, therefore, b...

The book first sets forth the policies and practical considerations underlying the current international and national trading regimes, including a description of what Professor Jackson calls the “constitutional structure” of the national and world trading systems. In addition, the book describes the procedures and practices of dispute resolution. The international focus of the book is largely o...

Due to its high productivity at relatively low costs, algorithmic trading has become increasingly popular over the last few years. As news can improve the returns generated by algorithmic trading, there is a growing need to use online news information in algorithmic trading in order to react real-time to market events. The biggest challenge is to automate the recognition of financial events fro...

The speeds at which transactions are completed in global financial markets accelerating and, the process, connecting centers around globe like never before. Algorithmic trading...