Low-Latency Trading and Price Discovery: Evidence from the Tokyo Stock Exchange in the Pre-Opening and Opening Periods

We study whether the presence of low-latency traders (including high-frequency traders (HFTs)) in the pre-opening period contributes to market quality, defined by price discovery and liquidity provision, in the opening auction. We use a unique dataset from the Tokyo Stock Exchange (TSE) based on server-IDs and find that HFTs dynamically alter their presence in different stocks and on different days. In spite of the lack of immediate execution, about one quarter of HFTs participate in the pre-opening period, and contribute significantly to market quality in the pre-opening period, the opening auction that ensues and the continuous trading period. Their contribution is largely different from that of the other HFTs during the continuous period

(Big) Data and the North-<i>in</i>-South:Australia’s Informational Imperialism and Digital Colonialism

Australia is a country firmly part of the Global North, yet geographically located in the Global South. This North-in-South divide plays out internally within Australia given its status as a British settler-colonial society which continues to perpetrate imperial and colonial practices vis-à-vis the Indigenous peoples and vis-à-vis Australia’s neighboring countries in the Asia-Pacific region. This article draws on and discusses five seminal examples forming a case study on Australia to examine big data practices through the lens of Southern Theory from a criminological perspective. We argue that Australia’s use of big data cements its status as a North-in-South environment where colonial domination is continued via modern technologies to effect enduring informational imperialism and digital colonialism. We conclude by outlining some promising ways in which data practices can be decolonized through Indigenous Data Sovereignty but acknowledge these are not currently the norm; so Australia’s digital colonialism/coloniality endures for the time being