Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/144690
Authors: 
Mandes, Alexandru
Year of Publication: 
2016
Series/Report no.: 
Joint Discussion Paper Series in Economics 25-2016
Abstract: 
The advances in computer and communication technologies have created new opportunities for improving, extending the application of or even developing new trading strategies. Transformations have been observed both at the level of investment decisions, as well as at the order execution layer. This review paper describes how traditional market participants, such as market-makers and order anticipators, have been reshaped and how new trading techniques relying on ultra-low-latency competitive advantage, such as electronic "front running", function. Also, the natural conflict between liquidity-consumers and liquidity-suppliers has been taken to another level, due to the proliferation of algorithmic trading and electronic liquidity provision strategies.
Subjects: 
algorithmic trading
high-frequency trading
electronic market making
JEL: 
C10
C61
C63
G19
Document Type: 
Working Paper

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