Opportunities and risks of High Frequency Trading - An analysis on the example of the German stock market

被引：0
|
作者：
Uphaus, Andreas [1 ]
机构：
[1] Fachhsch Bielefeld, BWL, Bielefeld, Germany
来源：
BETRIEBSWIRTSCHAFTLICHE FORSCHUNG UND PRAXIS | 2015年 / 67卷 / 05期
关键词：
PRICE DISCOVERY; LIQUIDITY; COST;
D O I：
暂无
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Technical progress has changed the characteristic of stock markets dramatically during the last years especially by enabling high frequency trading. Nowadays, trading is dominated by fully automated and algorithm based decisions within fractions of milliseconds. This innovation in financial trading offers new opportunities but results on the other hand in substantial and hardly predictable risks and market distortions. Based on a characterization of high frequency trading, the current debate about its opportunities and risks is summarized by taking into account the requirements for the organization of capital markets: Impacts of algorithmic trading on price risks and trading strategies are exemplarily analyzed for the German stock market and measures for risk reduction and the elimination of market distortions are discussed.
引用
收藏
页码：530 / 553
页数：24
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