RT Journal Article SR Electronic T1 Algorithmic Activity on Xetra JF The Journal of Trading FD Institutional Investor Journals SP 74 OP 86 DO 10.3905/JOT.2009.4.3.074 VO 4 IS 3 A1 Markus Gsell YR 2009 UL https://pm-research.com/content/4/3/74.abstract AB As successful algorithmic trading systems constitute a priceless value to their operators, their procedures of trading are kept secret and only little is known about their adaptation behavior to current market developments.Based on a unique dataset provided by Deutsche Börse AG the activity of computerized traders is analyzed.As the dataset provides high-precision timestamps a thorough analysis of submission, deletion and execution activities is enabled.Being able to distinguish algorithmic and non-algorithmic orders, empirical evidence on the different structures of algorithmic and non-algorithmic order flow is presented.TOPICS: Statistical methods, quantitative methods, security analysis and valuation