You will find in this book exclusive interviews of renowned specialists about market microstructure and high-frequency trading strategies on lit markets and Dark Pools. This book was developed following extensive research to democratize as many aspects as possible on US and European market microstructure, high-frequency trading strategies and Dark Pools. Today, financial markets have become extremely complex. Market automation and new regulations have encouraged the emergence of new market players: high-frequency traders. These new players hold intraday positions. They deploy their specific orders and arbitrage strategies across multiple markets at close to the speed of light to get the best prices and to trade ahead of other market participants. Dark Pools, whose operations are also difficult to understand for most professionals, have been created, adding complexity to financial markets. Dark Pools seems a little bit scary. However, we will see that Dark Pools are advantageous in terms of price compared to regulated markets. “Fantastic job explaining some tough to understand topics.” – Joe Saluzzi, Partner and co-founder of Themis Trading and co-author of the book Broken Markets. William’s message: “High-frequency trading is a small world that is difficult to access. I have spent a large part of this last year writing this book, taking into account the interviews I have been able to carry out in order to democratize as many aspects as possible. Many thanks to Joe Saluzzi, Alexandre Laumonier, Dave Lauer, Benoît Lallemand, Jean-Philippe Bouchaud and Donald MacKenzie. This book will help you to better understand the winning strategies of high-frequency trading firms.”

This book provides a comprehensive analysis of the primary challenges, opportunities and regulatory developments associated with the use of artificial intelligence (AI) in the financial sector. It will show that, while AI has the potential to promote a more inclusive and competitive financial system, the increasing use of AI may bring certain risks and regulatory challenges that need to be addressed by regulators and policymakers.

What is High-Frequency Trading? In the ever-evolving world of financial markets, High-Frequency Trading (HFT) has emerged as a powerful and often misunderstood force. Characterized by the use of advanced algorithms and lightning-fast trading systems, HFT operates at speeds and volumes that were previously unimaginable. But what exactly is HFT, and how does it impact the markets? "What is High-Frequency Trading?" offers a comprehensive and accessible guide to understanding the intricacies of HFT. Whether you are a finance professional, a student, or simply someone interested in the mechanics of modern trading, this book aims to demystify HFT and provide valuable insights into its role in today's financial ecosystem. Inside This Book: Introduction to HFT: Explore the foundational concepts and history of high-frequency trading, including its evolution and significance in modern markets. Technology and Infrastructure: Gain a deeper understanding of the sophisticated technology that powers HFT, including high-performance computing, low-latency infrastructure, and real-time data feeds. Trading Strategies: Discover the common strategies employed by HFT firms, such as market making, arbitrage, momentum ignition, and liquidity detection. Key Players: Learn about the major HFT firms, their roles, and how they interact with other market participants. Market Impact: Analyze the effects of HFT on market liquidity, price discovery, volatility, transaction costs, and market access, supported by real-world case studies. Risks and Challenges: Understand the various risks associated with HFT, including technical failures, regulatory compliance, market manipulation, and the potential for flash crashes. Regulatory Environment: Explore the global regulatory frameworks governing HFT, the role of regulators, and the impact of regulation on HFT practices. Future Trends: Look ahead at the emerging technologies, potential regulatory changes, and evolving market structures that will shape the future of high-frequency trading. Why Read This Book? Written in a clear and engaging style, "What is High-Frequency Trading?" breaks down complex concepts into easily digestible information, making it an essential read for anyone looking to understand the fast-paced world of HFT. With detailed explanations, and practical insights, this book provides a thorough overview of HFT and its impact on financial markets. Whether you are new to the concept of high-frequency trading or seeking to deepen your existing knowledge, this book will equip you with the understanding needed to navigate and appreciate the complexities of HFT.

The ubiquitous nature of mobile and pervasive computing has begun to reshape and complicate our notions of space, time, and identity. In this collection, over thirty internationally recognized contributors reflect on ubiquitous computing’s implications for the ways in which we interact with our environments, experience time, and develop identities individually and socially. Interviews with working media artists lend further perspectives on these cultural transformations. Drawing on cultural theory, new media art studies, human-computer interaction theory, and software studies, this cutting-edge book critically unpacks the complex ubiquity-effects confronting us every day. The companion website can be found here: http://ubiquity.dk

This book illustrates the dramatic recent transformations in capital markets worldwide. Market making by humans in centralized markets has been replaced by super computers and algorithms in often highly fragmented markets. This book discusses how this impacts public policy objectives and how market governance could be strengthened.

This book examines the characteristics of equity trading and especially two relatively new phenomena which are dark pools and flash trading. Over the last years these two terms became more and more important in equity trading and today they are a real alternative to traditional exchanges, like the New York Stock Exchange or Deutsche Börse. But these new evolutions do not only have advantages. Indeed there are concerns that beside the benefits, like fast execution times, sophisticated techniques and less market impact, these mechanisms can also burrow risks. These risks are difficult to estimate, with an evolution of these new platforms that was so quick, that one might have the impression that even regulators do not full yet understand what might happen in the case of a next financial crisis. However with a market share of 15%-20% of all trading activity in global equities and a jump of almost fivefold in the period of time from January to October 2009, these new mechanisms cannot be ignored anymore. Therefore this book explains in detail the functionality of dark pools and other current trading strategies. All important factors like different market structures, market liquidity aspects, as well as regulatory framework and technology facets will be reviewed. Further an outlook should be given to the reader on how the evolution of dark pools & co. might continue in the coming years. With dark pools and flash trading, trading is now dominated by rapid-fire computer systems that might create a more technically driven market, rather than one based on fundamental forces. It remains to see whether this evolution will continue.

Tom Brady and the “tuck rule”; “Nobody knew health care could be so complicated”; “The financial world has become way too complicated and very secretive.” What could Tom Brady, Donald Trump, and Michael Lewis possibly have in common? Complexity. Lewis has analyzed it; Trump has discovered it; Brady has benefited from it. And the USA is entangled in it. Complex systems are an inevitable part of business and socio-economic structures. We reach a breaking point, however, when social and organizational structures become cumbersome and unintelligible. Entire new systems need to be constructed just to manage this complexity, with questionable or negative value to society at large. The outcome is high costs, poor results, deepening social inequality, and the erosion of public trust. Wholesale changes must be contemplated. This is particularly true in the USA today, where complexity is piled upon complexity in a number of critical sectors, such as health care, energy, finance, and government. The author takes a common sense, broad-based, and analytical approach to some of the most complicated issues facing the US today. He examines the costs of complexity through a wide-angle lens, provides analysis of the root causes involved, and explains what is necessary to improve results and lower costs. The ever-increasing level of complexity in the US is compared to that in other developed economies. History is referenced as a guide to show that in many areas, America’s success has relied on simple and elegant solutions. These contrasting paths are used to propose alternative approaches and new solutions. Beyond analyzing how incredibly complex socio-economic systems have emerged in recent years in the US, the author steps back, reflects on the fundamental values of this country, and offers a number of actionable proposals to improve the lives of all American citizens. Etienne Deffarges has enjoyed a successful career, first as a senior strategy consultant to many leading global companies, then as a heath care technology entrepreneur in the US. He is perfectly positioned to observe how complex systems are stifling socio-economic progress. He brings a unique insider view of the issues involved and examines a number of key sectors that impact American society at large, including health care, energy, finance, regulations, taxation, utilities, and welfare.

This title brings together frontier research on complex economic systems, heterogeneous interacting agents, bounded rationality, and nonlinear dynamics in economics. The book contains the proceedings of the CEF2015 (21st Computing in Economics in Finance), held 20-22 June 2015 in Taipei, Taiwan, and addresses some of the important driving forces for various emergent properties in economies, when viewed as complex systems. The breakthroughs reported in this book are a result of an interdisciplinary approach and simulation remains the unifying theme for these papers as they deal with a wide range of topics in economics. The text is a valuable addition to the efforts in promoting the complex systems view in economic science. The computational experiments reported in the book are both transparent and replicable. Complex System Modeling and Simulation in Economics and Finance is useful for graduate courses of complex systems, with particular focus on economics and finance. At the same time it serves as a good overview for researchers who are interested in the topic.

In today's aggressive marketplace, listed companies can no longer rely on their numbers to do the talking. If companies can't communicate their achievements and strategy, mounting research evidence suggests, they will be overlooked, their cost of capital will increase and stock price will suffer. In Strategic Financial and Investor Communication: the stock price story Ian Westbrook, principal of Australia's leading independent financial communications firm, argues just this: stock price is more a story than a number. Moreover, the book will teach you how to tell your own story by guiding you through the fast-paced world of financial corporate communication with a professional's pragmatism as well as academic rigour. Whether you're a student or a professional of PR, investor relations or corporate communications, this much-needed guide will teach you how to tell a compelling story about your company that the stockbroker, fund manager and corporate media cannot ignore.