Economics of Technology, Securities and Capital Markets

48 Pages Posted: 10 Oct 2019

See all articles by Katya Malinova

Katya Malinova

McMaster University - Michael G. DeGroote School of Business

Date Written: September 27, 2019

Abstract

In this survey, I focus on the economic implications of FinTech innovation for securities and capital markets. I outline the key economic issues that have emerged in this area, review the literature that has studied these issues, and discuss open questions. The survey is structured around the key technological developments that affect capital market infrastructure and data analytics. The topics include electronic trading venues and high-frequency trading, blockchain technology, cloud computing, and machine learning and artificial intelligence. We further discuss new investment and financing tools, which were enabled by recent technological advances, such as exchange-traded funds and blockchain-based assets.

Keywords: FinTech, digital transformation, blockchain, distributed ledgers, ICOs, machine learning, artificial intelligence, high-frequency trading

JEL Classification: G00, G10, G20

Suggested Citation

Malinova, Katya, Economics of Technology, Securities and Capital Markets (September 27, 2019). Available at SSRN: https://ssrn.com/abstract=3461760 or http://dx.doi.org/10.2139/ssrn.3461760

Katya Malinova (Contact Author)

McMaster University - Michael G. DeGroote School of Business ( email )

1280 Main Street West
Hamilton, Ontario L8S 4M4
Canada

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