Abstract

http://ssrn.com/abstract=1650345
 
 

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Computerization of the Equity, Foreign Exchange, Derivatives, and Fixed Income Markets


Laura Cardella


Texas Tech University

Jia Hao


University of Michigan at Ann Arbor - Ross School of Business

Ivalina Kalcheva


University of California, Riverside - University of California, Riverside

Yung-Yu Ma


Lehigh University - Department of Finance

January 10, 2013

The Financial Review, Forthcoming

Abstract:     
We survey empirical studies on the development and effects of increased computerization across equity, foreign exchange, derivatives, and fixed-income markets. While the changes in the trading process due to computerization in less liquid markets such as the corporate bond market have been modest, there have been dramatic changes in certain derivatives markets, foreign exchange, and in particular equity markets. In many instances, previous research has found positive effects of computerization on measures of market quality, but our survey highlights that human intermediation is still prominent and beneficial in certain areas.

Number of Pages in PDF File: 18

Keywords: automation, electronic trading, computerized trading, human intermediation

JEL Classification: G1, G2

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Date posted: July 28, 2010 ; Last revised: January 9, 2014

Suggested Citation

Cardella, Laura and Hao, Jia and Kalcheva, Ivalina and Ma, Yung-Yu, Computerization of the Equity, Foreign Exchange, Derivatives, and Fixed Income Markets (January 10, 2013). The Financial Review, Forthcoming . Available at SSRN: http://ssrn.com/abstract=1650345 or http://dx.doi.org/10.2139/ssrn.1650345

Contact Information

Laura Cardella
Texas Tech University ( email )
Lubbock, TX 79409
United States
Jia Hao
University of Michigan at Ann Arbor - Ross School of Business ( email )
701 Tappan Street
Ann Arbor, MI MI 48109
United States
734-647-1690 (Phone)
Ivalina Kalcheva (Contact Author)
University of California, Riverside - University of California, Riverside ( email )
900 University Avenue
Riverside, CA 92521
United States
Yung-Yu Ma
Lehigh University - Department of Finance ( email )
621 Taylor Street
Bethlehem, PA 18015
United States
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