Assessing the impact of algorithmic trading on markets: a simulation approach

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 presented that provides stylized implementations of algorithmic trading behavior and allows for modeling latency. As simulations allow for reproducing exactly the same basic situation, an assessment of the impact of algorithmic trading models can be conducted by comparing different simulation runs including and excluding a trader constituting an algorithmic trading model in its trading behavior. By this means the impact of Algorithmic Trading on different characteristics of market outcome can be assessed. The results indicate that large volumes to execute by the algorithmic trader have an increasing impact on market prices. On the other hand, lower latency appears to lower market volatility

Algorithmic trading engines versus human traders – do they behave different in securities markets?

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 quantitative models applying historical and real-time market data. Although there is a widespread discussion on the pros and cons of Algorithmic Trading and on its impact on market volatility and market quality, little is known on how algorithms actually place their orders in the market and whether and in which respect this differs form other order submissions. Based on a dataset that – for the first time – includes a specific flag to enable the identification of orders submitted by Algorithmic Trading engines, the paper investigates the extent of Algorithmic Trading activity and specifically their order placement strategies in comparison to human traders in the Xetra trading system. It is shown that Algorithmic Trading has become a relevant part of overall market activity and that Algorithmic Trading engines fundamentally differ from human traders in their order submission, modification and deletion behavior as they exploit real-time market data and latest market movements

Technological Innovations in Securities Trading: The Adoption of Algorithmic Trading

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 survey among the top European buy-side institutions has been conducted. The proposed research model successfully integrates components from the Task-Technology Fit model with core constructs of the UTAUT model. The results presented in this paper reveal that the fit among the perceived capabilities of the technology and the companies’ individual needs is a main driver for adoption. Further, the expected performance gains seem to excel the expected efforts perceived to be associated with the introduction of the technology, which further fuels the intention to make use of the new technology. Prior expertise about the technology characteristics shows to facilitate the adoption as it increases the expected performance and lowers the expected effort associated with the technology

Una década de posguerra fría en el Cáucaso : las guerras en Chechenia

El presente trabajo se centra en el conflicto de Chechenia, en su origen, evolución y repercusión internacional. Todo ello en el marco de la Federación Rusa y en el contexo general del Cáucaso, que desde el final de la Guerra Fría vive la aparición de viejos y nuevos conflictos, principalmente a causa de su valor económico-estratégico, ya que esta región es la primera vía de comunicación entre los mares Caspio y Negro, además de reserva de gas y petróleo

Asia Central en un mundo en cambio : de región periférica a área generadora y de aplicación de políticas. Actores, política y seguridad

El presente trabajo aborda la región de Asia Central a partir del análisis de las características de la inserción internacional del área en su conjunto y de las repúblicas ex soviéticas que la forman. De manera general, se pretende analizar la evolución de Asia Central de región periférica a área generadora de conductas y de aplicación de políticas por parte de los actores internacionales. En la primera parte del estudio se menciona una serie de particularidades de las repúblicas que han determinado las relaciones en la región -orden centroasiático- y de la región con el exterior; se señalan aspectos geohistóricos y económico-estratégicos. En la segunda, se examina, desde las singularidades de la política interna, la política internacional de las repúblicas en la posguerra fría. Y, en la tercera, se analizan, en función de las peculiaridades mencionadas, las políticas que el área y cada Estado han generado en los actores internacionales tanto regionales como mundiales y que han transformado la región de periférica a geopolíticamente emergente

La dimensión mediterránea de la Conferencia sobre la Seguridad y la Cooperación en Europa (CSCE): de región limítrofe a campo de aplicación

El articulo pretende analizar la dimensión mediterránea de la CSCE desde su creación hasta la actualidad (1972-1994). En primer lugar, se examinan las características particulares de este proceso diplomático en el cual se inserta la cuestión mediterránea, a continuación los debates que dan lugar a su creación y las políticas que genera; para concluir con el estudio de su evolución y desarrollo en el marco de las reuniones CSCE.The purpose of this article is to analyze the mediterranean dimension of CSCE's process (1972-1994). Firstly we study the special feature of this diplomatic process. Secondly, the process of creating the medirerranean dimension and finally, we study the development of this dimension in the context of CSCE's meetings

Microbial Abundance and the Pattern of Escherichia coli Antibiotic Sensitivity and Resistance in Deer Creek and the Potential Impact of a Veterinarian Hospital’s Input

The gram-negative bacteria, E. coli, is an indicator of fecal input for both point and non-point source origin. The veterinarian hospital located on Deer Creek may contribute to high antibiotic levels, which are known to select for resistant strains of bacteria living in impacted waters. The water running north of the veterinarian hospital was considered potentially antibiotic influenced as it was downstream of the site. The origin of the stream and sites upstream from the hospital were considered influent water. Sediments were also collected from these sites to determine if more long term resident E. coli were present with elevated antibiotic resistance in stretches of the creek influenced by potential fecal input from the Veterinary Hospital. The antibiotics used in the experiment were chosen as they are specific to E. coli which are often associated with mammalian gut pathogens. The antibiotics; penicillin, tetracycline, gentamicin, amoxicillin, streptomycin and amoxicillin-clavulanate were tested using the Kirby Bauer method. The most extreme antibiotic sensitivity and resistance was present within water collected from the veterinarian hospital site. In water samples, the largest yield of bacteria were present at the site downstream from the hospital, indicating a potential impact on E. coli isolates antibiotic sensitivity/resistance patterns. Sediments from a neighborhood along the creek upstream of the Hospital contained the greatest amount of E. coli and other coliform bacteria. This indicated other potential sources of contamination could include homes and their septic systems in that part of the creek. Future studies will focus on these sites