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

La protección del arrendatario de vivienda en el Derecho privado alemán y español: dos modelos antagónicos

[spa] Este articulo compara el derecho alemán y español en materia de arrendamiento; trata, en particular, de cuestiones como las razones para el desistimiento o la resolución y la libertad para negociar la renta. El estudio muestra dos modelos claramente opuestos e ilustra el camino que todavía debe ser recorrido en España para mejor proteger al arrendatario.[eng] This contribution compares the German and the Spanish legislation on lease; itparticularly deals with questions such as grounds for termination of the contract and freedom to negotiate the rent. The study shows two clearly opposite models and illustrates the road that still should be traversed in Spain to better protect the tenant

Technological Innovations in Securities Trading: The Adoption of Algorithmic Trading TECHNOLOGICAL INNOVATIONS IN SECURITIES TRADING: THE ADOPTION OF ALGORITHMIC TRADING

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Algorithmic trading and its impact on markets

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

Licht ins Dunkel der Bisexualität. Bisexualität, anatomische Geschlechtsdifferenz und die psychoanalytische Bedeutung von männlich und weiblich

Das Konzept der psychischen Bisexualität gilt als bedeutendes Element der psychoanalytischen Theorie, obwohl dessen genaue begriffliche Klärung bis heute fehlt. Ungeklärt geblieben sind insbesondere die Verknüpfung mit der Triebtheorie und die Frage, was männlich und weiblich im psychoanalytischen Sinne eigentlich bedeuten. Aus einer streng triebtheoretischen Perspektive wird in diesem Beitrag argumentiert, dass sich das bi in Bisexualität nicht primär auf männlich und weiblich bezieht, sondern auf die Begriffe aktiv und passiv. Bisexualität bedeutet das gleichzeitige Vorhandensein von aktiven und passiven Triebzielen in ein und demselben Individuum, unabhängig vom Geschlecht. Erst sekundär und als Resultat einer unbewussten Verlötung werden aktiv und passiv mit männlich und weiblich assoziiert. Weshalb aber kommt diese Verlötung von aktiv-männlich resp. passiv-weiblich zustande? Was bedeutet sie für das Verständnis von Männlichkeit und Weiblichkeit und was für die psychische Entwicklung von Männern und Frauen? Ziel des folgenden Beitrages ist es, in der Beantwortung solcher Fragen das außerordentliche Potential des triebtheoretischen Konzepts der Bisexualität aufzuzeigen