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2017 | OriginalPaper | Chapter

12. The Role of High-Frequency Trading in Modern Financial Markets

Authors : Wolfgang Eholzer, Randolf Roth

Published in: Equity Markets in Transition

Publisher: Springer International Publishing

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Abstract

In the past decades, financial markets have undergone a profound change driven by a combination of technological advancement and fierce competition between both market participants and marketplaces. The technological advancement has moved market venues from floor to electronic venues and in that process generated substantial benefits to the investing public as cost of market entry has been drastically reduced with respect to:

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previous chapter Exchanges: Link to the Real Economy

next chapter High Frequency Trading: Market Structure Matters

Bloomberg, Published Article, Apr 2nd, 2014. ‘High-Speed Trading Used to Mean Carrier Pigeons. http://www.bloombergview.com/articles/2014-04-02/high-speed-trading-used-to-be-for-the-birds

Hagströmer B. & Norden L. ‘The Diversity of High Frequency’. Stockholm University of Business. September 27, 2012.

Lee H. G. & Clark T. H. ‘Impacts of the Electronic Marketplace on Transaction Cost and Market Structure’ International Journal of Electronic Commerce volume 1, Number 1, fall, 1996, pp. 127–149.

Markham J. W. ‘A Financial History of the United States. From JP Morgan to the Institutional Investor (1900–1970)’. Volume II, 2002 M.E. Sharp Inc.

Oxera, May 2011 ‘Monitoring prices, costs and volumes of trading & post trading services’. Report prepared for the European Commission, DG Internal Market and Services

Reuter, Paul Julius, Baron de. Encyclopedia Britannica (11th ed.). 1911

U.S. Securities and Exchange Commission. March 18, 2014. ‘Equity Market Structure Literature Review’. Part II : High Frequency Trading. Staff on the Division of Trading and Markets. HFT Overview, Metrics for Defining HFT, Page 4. Statistics Web F/E

Title: The Role of High-Frequency Trading in Modern Financial Markets
Authors: Wolfgang Eholzer
Randolf Roth
Publisher: Springer International Publishing
Book: Equity Markets in Transition
Print ISBN: 978-3-319-45846-5

Electronic ISBN: 978-3-319-45848-9

Copyright Year: 2017
DOI: https://doi.org/10.1007/978-3-319-45848-9_12