Under the Securities and Exchange Commission (SEC) Rule 611 exchanges that have not
matched a new National Best Bid and Offer (NBBO) can trade at the old NBBO for one …

In the course of technological evolution security markets offer low-latency access to their
customers. Although latency figures are used as marketing instruments, only little research …

Some academic research has identified the possibility of High-Frequency Trading (HFT)
creating a two tier market, in which the fast traders mostly deal with each other at most …

In light of the increased role of technology in the trading process in recent years, we survey
the literature on the design of automated trading systems and the role of human …

The colorful 'open outcry'trading in the 'pits' of the Chicago futures exchanges and the bell-
ringing opening of trading on the floor of the New York Stock Exchange (NYSE) has long …

This paper addresses the little investigated topic of the relationship between the speed of
exchange servers, an absolute reference for the system, and trading speed, considered …

The proliferation of electronic trading has seen a race towards faster execution. This
technological arms race has yet to be comprehensively and scientifically reviewed. We …

IT-driven trading innovations offer institutional investors alternative trading channels to
broker delegated order handling. Motivated by the impact on intermediation relationships in …