After exchanges and alternative trading venues have introduced electronic execution mechanisms worldwide, the focus of the securities trading industry shifted to the use of fully electronic trading engines by banks, brokers and their institutional customers. These Algorithmic Trading engines enable order submissions without human intervention based on… (More)
Innovative automated execution strategies like Algorithmic Trading gain significant market share on electronic market venues worldwide, although their impact on market outcome has not been investigated in depth yet. In order to assess the impact of such concepts, e.g. effects on the price formation or the volatility of prices, a simulation environment is… (More)
Die Umsetzung der MiFID "Markets in Financial Instruments Directive" in der deutschen Finanzindustrie" (2007). Abstract Aktuell stellen die neue EU Richtlinie " Markets in Financial Instruments Directive " Potenzialen sowie den Nutzen bzw. Kosteneinschätzungen bezüglich der neuen Richtlinie.
Within the securities trading industry recent technological innovations enable Institutional Investors to self-directed trading and thus lead to a reassessment of their intermediation relationships. This may yield to an in-sourcing of trading activities by buy-side organization. Scientific literature outlines advantages and disadvantages of some of them but… (More)
Technological innovations currently alter the traditional value chain in securities trading. Investment companies that used to buy trading services from their brokers are now enabled by technology to emulate core competencies of their brokers themselves. To investigate the adoption decision regarding one of those new technologies – Algorithmic Trading – a… (More)