This letter is submitted in response to the request of the Securities and Exchange Commission (the "Commission" or "SEC") for comments on the Concept Release on Equity Market Structure (the "Concept Release,,).l The undersigned firms engage, or have affiliates that engage, in automated trading on a proprietary basis and are interested in the inquiry being conducted by the Commission with respec...

The Building Blocks of Successful Regional Integration: Lessons for the CSME from other regional integration schemes. By Rachel Simms, LL.M, 2006 University of Toronto And Errol Simms, Senior Lecturer, Department of Management Studies, Faculty of Social Sciences, U.W.I., St. Augustine. Regional Trading Blocs (RTBs) have become quite ubiquitous, with approximately 200 of them presently operating...

Algorithmic trading (AT) in asset markets has risen in importance over the past decade, revolutionizing the way market transactions are conducted. The extant empirical literature provides sometimes contradictory results on the impact of AT on market quality parameters such as liquidity and volatility. In this work we create a computer simulated asset market in order to make the effects of algor...

Information systems can serve as intermediaries between the buyers and the sellers in a market, creating an “electronic marketplace” that lowers the buyers’ cost to acquire information about sellers’ prices and product offerings. Although electronic trading systems provide potential to create an effi cient market structure, we witness that a $45 trillion fi xed-income market still makes little ...

We examine the impact of algorithmic trading (AT) in equities on the comovement of order flow, returns, liquidity, and volatility to assess how AT affects the market’s susceptibility to systemic shocks. Using order-level data around a natural experiment at the National Stock Exchange of India, which in 2010 has introduced features that promote HFT, we find that more intense AT reduces commonali...

the more frequently occurring security incidents, suggesting that more security is required for detecting and preventing unauthorised financial transactions entered by authorised users. To address the problem, and based on the observation that all authorised interbanking financial transactions trigger or are triggered by other transactions in a workflow, we have developed a security solution ba...

Automated trading systems for financial markets can use data mining techniques for future price movement prediction. However, classifier accuracy is only one important component in such a system: the other is a decision procedure utilizing the prediction in order to be long, short or out of the market. In this paper, we investigate the use of technical indicators as a means of deciding when to ...

With the growing number of trading opportunities available online, software tools designedto act on behalf of human traders are increasingly being used to automate trading activities.The next logical step in this evolution is the automation of composite trading activities designedto fulfill complex user goals and requirements. In this paper, we describe a model for specify-i...

Classical phonetic studies have shown that acousticarticulatory cues can be interchanged without affecting the resulting phoneme percept (‘cue trading’). Cue trading has so far mainly been investigated in the context of phoneme identification. In this study, we investigate cue trading during recognition of words, the units of speech through which we communicate. This paper aims to provide a met...