Technological innovations are altering the traditional value
chain in securities trading. Hitherto the order handling, i.e. the
appropriate implementation of a general trading decision into
particular orders, has been a core competence of brokers. Labeled
as Algorithmic Trading, the automation of this task recently found
its way both into the brokers' portfolio of service offerings as
well as to their customers' trading desks. The software performing
the order handling thereby constantly monitors the market(s) in
real-time and further evaluates historical data to dynamically
determine appropriate points in time for trading. Within only a few
years, this technology propagated itself among market participants
along the entire value chain and has nowadays gained a significant
market share on securities markets worldwide. Surprisingly, there
has been only little research analyzing the impact of this special
type of trading on markets. Markus Gsell's book aims at closing
this gap by analyzing the drivers for adoption of this technology,
the impact the application of this technology has on markets on a
macro level, i.e. how the market outcome is affected, as well as on
a micro level, i.e. how the exhibited trading behavior of these
automated traders differs from normal traders' behavior.
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